The entire global banking ecosystem has been shaken to the core as a result of COVID-19 and and the way consumers interact with financial organisations also, How work is done, how consumers conduct banking transactions, how employees are learning new skills and how brands are being perceived have all changed.The level to which these take place are being driven by both business and societal dynamics as well as how quickly banks responded to the crisis
Prior to the COVID-19 pandemic, banks paid a lot of lip service about ‘becoming digital’,however, less than 15% of organisations considered the digital transformation initiative as a top priority leaders.
When the covid-19 pandemic hit, everything changed suddenly, banks were forced into not only providing consumers digital banking alternatives, alternative means of communication with both employees and customers thereby limting face-to-face interactions. The use of face masks, hand sanitisers, reduction of working hours to closure of branches became the order of the day,
Every service or product offering moved online. Those organizations that were not prepared, lost new business opportunities with resultant customer dissatisfaction level going higher,
After the COVID-19 pandemic, banking will never be the same again. The future of work, the way people bank, the value of brands and the use of modern technologies will all depend greatly on the time it takes banks to find a new “cheese” and adjust to the new normal instead of getting caught up in the maze,