Banks shouldfocusprimarilyontheshort-term impactsinfourkey areasofretailandcommercialbanking: CreditManagement RevenueCompression NPLswillsurgeasconsumersandbusinesses Ratecutsaswellasacollapseindemandwill areunabletomakeloanpaymentsand there have atop-line impact will be increased demand for new credit Customer Service and OperatingModelAdjustments Advice Provision andCostControl Restrictions on personal interactions will push customers Misalignedrevenuesandcostwillrequirebankstoimprove toward digital channels for service and sales operationalflexibilityandrethinkshort-termpriorities 5 COVID-19: Open letter to retail and commercial banking CEOs