By José Ángel de la Paz

The COVID-19 crisis is raising challenges for both businesses and the financial sector in Mexico, but it is also creating opportunities to adopt new collaborative paradigms.

This was discussed by academics and experts in the webinar “Corporate wellness and banking in the face of COVID-19”, as part of EGADE Business School's webinar series “Rising to the challenge: Leadership in the face of COVID-19”.

“It is essential to acknowledge that companies are and will always be key sources of employment and well-being for each country,” said José Antonio Quesada, professor at EGADE Business School.

Because of his role as Vice President of regulatory policy at Comisión Nacional Bancaria y de Valores, he added that in many cases the growth of a company is linked to the multiple benefits provided by the banking sector, including non-banking financial intermediaries and new players such as Fintech companies.

“That is why having a good relationship and a clear understanding of the role played by companies is essential for the growth of both the financial and business sectors; now, more than ever, we need this partnership to overcome the great crisis facing the world and our country,” he said.

Quesada also mentioned that the loans granted to companies prior to COVID-19 need to be reviewed in the light of the current situation.

“We're not talking about changing the terms, we're talking about a change of era, before and after COVID-19,” said the professor.

José Alarcón Irigoyen, technical advisor to the Health Committee of Consejo Coordinador Empresarial, noted that COVID-19 has jeopardized efforts to save both people’s lives and the economy.

He also pointed out that this health emergency has presented an opportunity to improve our health system through collaborations between the public and private sector.

Large companies, said the health consultant at PwC Mexico, now play an important role in strengthening social distancing and other safety measures in essential supply and distribution processes.

Alarcon Irigoyen said that, out of the roughly 4 million companies in Mexico, about 99% have less than 10 employees, so to believe that they have a contingency plan is far-fetched.

Therefore, he said that small businesses should be supported by the same efforts of medium and large companies.

“Let's address COVID-19 through a war and life lens, and then we'll be able to save both businesses and lives,” he said.

In addition to this, Juan Carlos Erdozain, Executive Director of EA Business Consulting, reviewed, through the works of artists such as Jheronimus Bosch and Brueghel the Elder, the historical context of previous pandemics and their impact on humanity.

“The reality we had in February (of 2020) is not going to come back; we are having a Renaissance in the 21st century,” he said.

WATCH THE WEBINAR HERE