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The COVID-19 pandemic has profoundly disrupted the banking and financial services business arena as it has done to many other facets of our lives. The word ‘contact’ is extensively associated with the pandemic with various ramifications. Hence ‘Contactless Banking’ has found a new meaning and speed of adoption post the pandemic period. Banking processes are undergoing redefinition post the pandemic as a new normal. Here is a focused analysis of process digitization in contactless banking.
There was belief blended with regulation- both mandating customer presence before bank officials for KYC purpose. Such processes are forced to be rethought. The contactless banking avenues are surfacing with much enforced acceleration and vigour than ever before.
Let’s look at a few focused use cases that are worth considering to in the post pandemic situation.
Conclusion: A sudden and large change always is difficult to adjust with, both from customer and banks’ point of view. There are significant challenges for banks to balance between dealing with the digitally naïve and the ever-demanding digitally savvy customers.
The customer expectations are also muffled at this stage as the processes are evolving very fast, not everyone is as fast to accommodate changes with their trust on banks intact. Under such circumstances, the banking processes demand to be leaner and generic with ability to be customized easily.
So, there is a big juggle to manage between standardization and personalization while meeting optimization and cost effectiveness.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Prashant Bhardwaj Innovation Manager at Crif
05 December
Tachat Igityan Founder and CFO at destream
03 December
Ritesh Jain Founder at Infynit / Former COO HSBC
Luigi Wewege President at Caye International Bank
02 December
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