Is COVID-19 a Boost for Digital Banking?

IS COVID-19 A BOOST FOR DIGITAL BANKING?

RAZI SALIH

Is COVID-19 a Boost for Digital Banking?

The COVID-19 pandemic is a crisis that has necessitated serious measures to contain it while it continues to have unfolding widespread effects on the global economy.

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any experts argue that the world that emerges from the crisis will be different from the one before the pandemic started.

In sectors such as banking, restrictions on movement have forced many consumers to resort to digital banking services. As customers enjoy the convenience of accessing services online, the thinking

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The pace of change is likely to gather steam as more players in the banking sector adopt digital technologies.

is that they may be less inclined to visit physical branches after the crisis abates.

With this in mind, organisations and startups in the financial sector are working to meeting the accelerated demand for digital offerings.

will have to rethink their digital services to include more options for customer engagement through digital marketing and personalisation. Luckily, banks have the data to mine meaningful insights that can lead to better customer experiences.

More Engagement, Less Servicing

Adopt New Technologies The pace of change is likely to gather steam as more players in the banking sector adopt digital technologies. Effectively, some will have to move away from legacy systems and keep open minds about next-generation aspects such as machine learning, cloud computing and artificial intelligence (AI).

Traditionally, many banking applications are geared towards providing transactional services (checking balances, for example).

Post COVID-19, customers will have become used to an online experience, meaning banks

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