Unfortunately, as for the rest of the economy, the Bank’s plans had to be revised due to the outbreak of COVID-19. The key challenges in the first months of the pandemic were sustaining Customer service and ensuring employee safety. The Bank’s branches, with newly implemented security procedures, functioned virtually uninterrupted in providing Customer service. The efforts made to maintain business continuity and ensure security were appreciated by employees. Moreover, efficient use of remote work allowed further implementation of the most important planned projects in the Bank.
The new reality forced the Bank to analyse the current strategy in terms of its further validity. A completely different market environment affected the performance of the Bank and the entire sector, but in the opinion of the Management Board it did not devalue the key strategic objectives. However, it should be noted that the relevance of particular strategic directions has changed, which is reflected in the plans for 2021.
Adequate scale of activity will continue to be the key to success, hence the Bank’s focus on smart growth. New areas of Customer acquisition will be launched, often using non-bank partners, e.g. leveraging extensive business partnerships in Personal Finance. Due to interest rates close to zero, changes in pricing policies, which will reward Customers with greater relationships with the Bank, will be possible. Additionally, higher commission income will be achieved through the implementation of innovative products and services, which will be eagerly used by Customers, thus building their satisfaction and positively impacting the Bank’s results. The value of capital in the banking sector is constantly growing, therefore the allocation of the Bank’s capital will be even more careful, targeted at areas generating both sustainable growth and adequate profitability. The Bank will continue its prudent risk policy without neglecting Customer needs. Given the extraordinary circumstances, the Bank will attach great importance to Customer partnerships, understanding of its business and the mutual long-term benefits of doing so.