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Coronavirus: The New Normal

Don’t travel, don’t meet clients, don’t shake hands, definitely do not hug – these are the instructions now flowing through the global financial industry as coronavirus spreads, with Italy now having the third highest number of positive cases of coronavirus in the world after China and South Korea. However, do the financial effects of the virus presage an economic slump?

“The economic impact of the coronavirus is difficult to quantify and will likely be determined by its lifespan, intensity and geographic spread. Disruption concerns surrounding the virus have reduced investors’ risk appetite in recent weeks, and sectors that are reliant on Chinese demand or its supply chain have felt significant impact,” says James Turner, Director at Offshore Company Specialists, Turner Little.

“While the short-term impact of the coronavirus is unclear, what we are seeing is an increased interest in remote and mobile banking, as activity including fund transfers, time deposits or foreign-currency exchanges has stepped up. It’s clear that the long-traditional banking sector is quickly evolving, with over 72% of the UK adult population set to bank by mobile by 2023. If it wasn’t for coronavirus, the shift to dominantly digital financial services was already inevitable. The coronavirus has simply accelerated the process in a world that is committed to a digital future,” adds James.

“At Turner Little, we have a strong heritage build on banking, with decades of experience offering tailored banking services. Whether clients are looking for personal banking or running a global enterprise, we work with each of them to ensure they can achieve their ambitions. We arrange bank accounts and credit cards with both UK and overseas banking institutions, and prepare documents, process applications and consult with banks. What results is clients having unprecedented, online and mobile, safe and secure global access to their finances, no matter where they are in the world. This is of particular importance in the wake of a pandemic,” advises James.

With banks offering 24/7 customer service, online banking, worldwide ATM access alongside debit cards, credit cards, managed accounts, confirmed deposits and lending, Turner Little ensures clients have access to all modern banking conveniences in addition to enhanced privacy, asset protection services, favourable interest rates and access to international investment opportunities.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.