These buffers have stood the sector in good stead through the turbulence of the last 18 months. More importantly, the sector kept the lights on in the wider economy through the pandemic, supporting lives and livelihoods. Banks were also a key channel for support including from governments particularly for Micro, Small and Medium Enterprises (MSMEs), keeping them afloat in the tempest.
Third, and the poster child of the pandemic, has been the acceleration of digitization. The drive towards digitization that had started before the pandemic has been the saving grace not just in financial services but also in the health, entertainment, retail, education and hospitality sectors.