COVID-19 has created a huge impact on a global scale that led to an unprecedented worldwide economic disruption.
The banking industry has started its digital transformation journey long before COVID-19 took place. When the crisis took a hit on a global scale, the DX investment of the banking industry suddenly had a positive effect as they are the ones who are thriving in the midst of the disruption. As everyone is mandated to work remotely, processes, both internal and external, must shift to digital. Digital banking has never been on high demand as the government is pushing for cashless transactions. The pandemic is a great testament that the banking industry must continually accelerate its digital efforts more and more.
Though the banking industry had a headstart in their digital investments, there is a need to continually invest on technologies that can accelerate their operations. The impact of COVID-19 includes all industries, including the banking industry. It’s time to rethink and accelerate digital investments. The bank’s financial performance is greatly affected by the low-interest rates given to customers which will result in a decline in their profitability.