The Covid-19 pandemic caused disruptions in every industry, even the banking industry wasn’t spared.
Many industries had to adjust their way of doing things, and the banking industry performed commendably.
Established banks responded with speed and moved most of their operations to the digital space.
Most of these banks made common services remotely accessible—like electronic form filling, PIN resetting, changing loan terms, and paying for groceries—allowing customers to complete such tasks quickly from their homes.
Banks continue to enhance their response to Covid-19 in more ways, offering customers better services.
But will these changes remain post Covid-19 or will things go back to the way they were?
Here’s what consumers should expect after medics finally manage to contain Covid-19.
More Day-to-Day Digital Banking
When the pandemic was at its worst, many banks moved fast to digitize services like payments, money transfers, and card applications.
They also started offering paperless loans.
Today, most people can get car title loans without having to visit a lender physically.
We expect banks to enhance digital services post-Covid-19.
People have gotten used to them and are less likely to revert to old ways.
In addition, most of the new banking services are convenient, and people love convenience.
That’s why they will still be using the services post-Covid.
Bank Branches Becoming Lounges
Without long queues and tellers managing transactions, banks have a new look and feel.
Most major banking services are now available online and will continue to be, so bank branches have become lounges.
We expect to see more casual seating areas partitioned for private banking conversations.
Here, bankers will sit, waiting to assist customers with various transactions.
More Partnerships Between Established Banks
Established banks are expected to form more partnerships and compete with challenger banks.
Challenger banks are smaller, newer banks that directly compete with traditional banks using modern financial practices.
Increased digitization will drive more partnerships between banks, social platforms, and online retailers.
People may be able to bank via platforms where they socialize more.
And as more banks flood the retail banking market, we expect established international banks to offer flexible products and services, giving customers better choices.
Accelerated Regulatory Cooperation
Mutual relationships already exist between banks and industry regulators, helping them serve customers better as digitization continues to take shape.
Services such as video banking which started during the early days of the pandemic are expected to accelerate as digitalization continues.
Technologies like artificial intelligence (AI) and machine learning are already offering significant strides in that direction.
As banks continue to adhere to industry regulations, consumers will enjoy the benefits.
While most of the changes we expect to see in the banking industry post-Covid-19 will mean reduced face-to-face interactions, our psychological desire for human interactions remains.
So, people may still visit branches for important life moments, like getting a mortgage.
Humans need reassurance to buy a home or establish a wealth plan.
And during those moments, they’ll return to a “pre-Covid-19” world.
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