It has been several months into the Coronavirus outbreak, and the world is still reeling from its impact. Different institutions and sectors are feeling the impact in multiple ways, and the financial markets are not left out. Financial institutions have had to adopt new approaches to customer service, and it looks like these changes would not be going anywhere even after the pandemic is finally over.
The rapid rate of technological growth had been changing the face of business before the pandemic, with consumers beginning to get a grip on mobile banking and digital wallets. However, the health crisis escalated the adoption of these means of financial engagement by many consumers. With most people afraid of stepping out of their homes and banks and other financial institutions shutting off their lobbies to avoid physical engagement, consumers were forced to try the new way of doing things.
Now, as the lockdown enforcements start to ease across the world and brick-and-mortar businesses slowly reopen, financial institutions are about to experience a massive drop in the number of consumers visiting their offices. People have seen the advantage in being able to remotely manage their accounts and carry out transactions without having to visit a banking hall, why should they come and join the queues again? Banking and finances have changed, and maybe that isn’t necessarily a bad thing.
People have seen the advantage in being able to remotely manage their accounts and carry out transactions without having to visit a banking hall, why should they come and join the queues again?
Banking Has Changed
As a result of the lockdown and other measures to curtail the spread of the coronavirus, banks and other financial institutions have been forced to review and initiate several measures. Some of these measures are novel ideas, unique to the institution, while others are being adopted by all.
For example, more effort and funds are being invested in strengthening the banking call center, and in making use of mobile and internet banking. Also, banks are having to adjust the process of registering and opening an account to offer the consumer a unique remote experience that’s not so different from what they get physically. Now, consumers can open and manage digital accounts without having to set foot in the bank.
The result? Since the start of the pandemic, the number of consumers adopting these digital measures have shot up. Now, people know that life can be made much more comfortable if they get more personalized experiences, and the financial institutions offering these experiences to them are much more accessible.