Digitally Equipped for the Deluge

As the coronavirus brought one economy after another to its knees in 2020, the need for financing and financial advice increased for many companies. Lockdowns kept customers away; disruptive supply chains made production impossible; in tourism, the trade fair industry and other areas, revenues dropped off a cliff. Banks had to play a crucial role in keeping businesses afloat through loans and the distribution of state aid. But which companies had the best chance of surviving the crisis? Beyond the sheer amount of inquiries, the magnitude of the decisions was daunting.

At the beginning of the crisis, almost all 250 corporate banking advisors and credit analysts at DZ Bank worked from home. Within a few weeks, almost 40,000 inquiries were received. To cope with the deluge, the bank set up a virtual environment for its employees with the assistance of Porsche Consulting. All important information and applications were made available to people working from home. And even before the crisis, Porsche Consulting helped introduce a digital credit file that is now paying dividends. The bank and the consultants also established a regulatory process for corporate banking in order to continuously evaluate and improve all processes.

The client advisors and credit analysts at DZ Bank are working full tilt. But they’re handling the deluge with aplomb. Thanks in part to the digital upgrade, which increases their responsiveness. “The employees were asked to do a lot – especially because they had to move their work from the office to their homes at the same time. This could only be achieved with digital technology, coupled with a flexible and motivated team,”says Stephan Ortolf, Managing Director Corporate Banking at DZ Bank. Looking to the future, the bank manager says: “We are going through the digital transformation in high-speed mode. This push will bring about new ideas and business models.”