This report examines the significant challenges encountered by the banking sector during the COVID-19 pandemic, focusing on the responses of major banks like Commonwealth Bank and Westpac. The introduction establishes the economic downturn caused by the pandemic and its impact on the global financial system. The study explores the rationale, objectives, and research questions, including the impact of COVID-19 on business operations and the banking sector. The literature review highlights the measures taken by central banks to address the crisis, such as reducing policy rates and providing liquidity. The analysis delves into the specific responses of Commonwealth Bank and Westpac, including encouraging online transactions, ATM usage, and employee safety measures. The report compares these initiatives and concludes with recommendations for improving bank operations in the face of future crises. The research also addresses gaps in existing literature regarding the impact of the pandemic on the banking sector.
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