Concentration Risk on being Single Banked

One of the big lessons from Covid19 has been the stark realisation of how supply chains and services have become intrinsically concentrated in fewer suppliers and even countries and how it completely exposes customers to their issues. This is no different in financial services and coming off the back of all the changes currently taking place in financial services, could this be the wake up call for organisations (businesses, governments, NFP, family offices and individuals) to urgently adopt a multi-service provider approach. That means banks, insurers, fund managers etc. Our stance is that every organisations MUST at least be multi-banked to ensure risk diversification.