Digital banking Opportunities for banks post COVID-19

published 31.07.2020 12:19

Where institutions like the State Bank of Pakistan (SBP) and the World Health Organization (WHO) advised early on to use digital payment services such as internet banking and mobile phone banking, hard cash continues to be avoided as it was considered to be one of the carriers of this virus.

This situation called upon banks and FIs to adopt digital transformation, modify their product offerings and find a digital financial tool that could enable them to cater to the needs of their customers and transcend during these challenging times.

Here’s why it is important to continue to prioritize digitalization and how to do it: The most prevalent form of direct connection with a bank’s customers has been disintegrated with the decline in traffic at bank branches because customers are relying heavily on digital mediums to fulfill their needs.

With the right financial tools, banks can become the primary partner and advisor for their customers during and beyond this crisis.

An increasing demand for complete digital experience is an opportunity for banks to invest in digital financial solutions.

by Tayyab Awan from technologytimes.pk

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