Ways Banks Can Leverage Opportunities Amidst COVID-19 Crisis

While the world continues to bear the brunt of COVID-19 pandemic, social distancing and isolation are leading to augmented contactless payments and digital banking solutions. Amidst the coronavirus crisis, uncertainty has taken over many businesses.

Here are some ways using which the Banking Industry can combat drowning economy-

• The unforeseen and unfortunate scenario of COVID-19 has brought along an opportunity for bankers to re-think their working practices. It’s all about the mindset a bank has. The crisis has emerged as a real eye-opener for several banks, allowing them to investigate their potential areas of vulnerability. Banks can test novel ways of interacting with customers or reaching out to them.
• Considering the precautions being taken globally to tackle aggressive COVID-19, banking customers with a preference for physical banks are increasingly turning to open banking now. Open banking is highly likely to take center stage with customers seeking virtual banking solutions remotely.
• Mobile-first banking is emerging as a real hero amidst this COVID-19 crisis, with customers leveraging mobiles to do their bank-related chores. This current scenario holds the potential of uplifting mobile-first banking. Banking industry leaders that realize the true value of having a mobile bank in these times of crisis and adopt the same can climb the growth graph in the years to come.
• As the COVID-19 scenario deepens, Industry 4.0 has become more important than ever. With uncertainty all around, some companies are highly likely to undergo a phase of stagnation. However, there lies a silver lining if we dare to look- a golden opportunity to adopt technology and innovate. Several banks are re-thinking their strategy with an objective to bring positive innovation out of this hard time. It’s upon banks, whether they ‘adapt or lose’ both in terms of internal operations and product offerings as well.
• COVID-19 has paved the way for banks to embrace the innovation that fintech thrives at. With ‘remote working’ becoming a part of daily lives, dependency on digital technology to pursue business activities has become essential and is taking on its full meaning.

The crux is, there is an increasing willingness among individuals to embrace technology to conduct their chores and make smooth transactions amid coronavirus crisis. Technology is apparently playing on the front foot, having shown its value across demographics by enabling remote working. Amid this COVID-19 crisis, businesses can look for silver linings by making calculative moves.

Banks that are keen to be agile, to use technologies to their advantage and cater to their customers to remain relevant and competitive in COVID-19 hit world, can explore opportunities with Arttha, a Unified Fintech Platform. Arttha’s Digital Wallet, Digital Banking Platform, and Core Banking Solutions can enable banks to run their business by catering to the growing or changing demands of customers maintaining social distancing due to COVID-19.