Summary: EJ Dalius this article from Eric Dalius is to talk about current banking. Situation after a pandemic hits the market. The post-pandemic scenario will be completely different.
You cannot deny the fact that the ways people used to treat banking have come to a standstill. And also has been affected right to the core because of the unwanted COVID hit. Nowadays, people are turning digital as they don’t want to move out of their homes. That often, just to feel protected and also safe. So, according to professional businessmen like Eric Dalius, customers are moving towards net banking more often. Right from updated their passbooks to withdraw money from a savings account. All can be done in the comfort of your home.
The new environment:
In this “new normal” phase, there is a completely different environment. On how consumers bank and also how employees get to learn some new skills. The degrees, to which these changes will take place, depend on societal and business dynamics. It even depends on how much time it actually takes to move to a new equilibrium.
Working from home for the employees:
The banking business has asked its employees. To work from home a few days a week, with the intention of protecting their health. Rotational working hours have been taken into consideration. Because they fear losing productivity. However, according to Eric J Dalius, things have changed completely. After COVID 19, and also now the organizations are literally asking their employees to work from home.
Regulators that are in the making:
There has been a temporary relaxation of focus from regulators to promote competition. This might change incumbents and also even some of the startup strategies. This form of service can also be applied outside the banking business as the government. Now encourages firms and other industries bodies to collaborate. They facilitate effective crisis-management and reduce the current implications of the regulatory changes. Such steps will also enhance some of the new requirements of late!
Banking after the COVID incident:
Even with such technical advancements going around the world. It is hard to come across any bank, which will provide all its customers with virtual banking. Digital transactions are there, but that won’t cover the entire 100% in any country.
Right now, with the smartphone becoming handy, it will be an easier option to move towards the digital transaction. After a pandemic, it is going to be an indeed necessity. If any bank becomes digital, without making their customers the same. That won’t bring out any result for the banking institution.
If the banks fail to introduce mobile app banking, then they are likely to lose customers at a rapid speed. According to EJ Dalius, the first post-COVID task for the banks. To perform is to come across core banking software, which will force their customers to go online. For the majority of their work and also transaction. Digital banking is there, and also now is the time to force it onto the customers. It is going to save many lives, to say the least.