The fear of the pandemic has dramatically changed the mindsets of people who were previously unwilling to consider digital methodologies. Pre-Covid, even though technological advancements penetrated several industries including banking, people always had the avenue of visiting a physical bank branch to take care of all their banking needs or issues.
However, post-Covid, people have become more open minded to try mobile/internet-based banking apps than ever before. Digital banking is the way forward and it is here to stay for the long run.
Digitization in the banking space has been spoken about for a long time, however Covid-19 ended up speeding, or rather forcing several banks to go digital at a much faster pace.
Suddenly, budgets have opened up for banks to digitize branch operations at a much faster pace. In the era of Netflix and Amazon prime where people can get access to entertainment and their day to day needs almost instantly and delivered to their doorstep without leaving their homes, banks are feeling increasing pressure to digitize their operations as well.
Read this whitepaper to understand the impact of COVID on the digital transformation of banks.