The future of banking after Covid 19

Our lives have changed far beyond what we thought in just a few months. From Video
conferencing for meetings to digital banking we have been doing everything electronically. But
the question is will this change remain permanent or would old habits return?

When it comes to the banking industry the answer would be ''Yes'' move towards permanent
change. A lot of news coverage highlights how Covid 19 has driven banks to speed up digital
programmes. There's been an increase in the competition, customers have expectations and more
opportunities. Customers are expecting banks to encourage more digital interactions than
physical banking. They expect banks to bring in more alternatives as they are interested in trying
out new applications. Taking into account the present scenario, banks should change their rules
with respect to retail banking. In an unpredictable world with rise in customers expectations.
Banks should convey a consistent encounter to each client.

The post covid will experience certain changes in the banking industry.
● Digital banking- The new normal
Customers are prompted by the elimination of traditional banking. 95% of the customers would
prefer digital banking services over traditional banking services. They would like to access their
money quickly without any hassle. Similarly corporate banking is prompted by such
transformation. These banks have good corporate clients who will help them to build good
relationships with their managers. Digital banking will reduce operational cost.
● Smart workspace
Like mentioned above, the future of banking after Covid 19 is all about digital banking. Bank
employees will have an option to work from home or anywhere.
● Simple admittance to client information on mobiles
Prior to any conversation with a customer, employees are able to check their profiles and collect
more information about them.
● Paperless, co-ordinating frameworks
From account opening, to adjusting, take on a paperless system which naturally requires PCs,
tablets, mobiles inside. This will empower banks to make coordinated organizations.
● Smart banking
Though customers are following the covid protocols like social distancing, clients do lean toward
various touchpoints. This spots accentuation on the effective utilization of branches, and offering
digital banking as a reasonable choice for clients who incline toward a DIY approach through
ATMs instead of waiting in long queues at a branch.
● Surrendering to cybertheft brings about significant income and client base
misfortune for a bank.
Ensuring client data against cyberthreat is a bank's essential obligation towards its clients. A
relationship is based on believe that expects banks to have balanced governance set up to support
believability in the security of data. While digital breaks have expanded dramatically during
COVID-19 as individuals work distantly, the work-from-anyplace pattern will be the new
authoritative model for some banks, making it critical to raise the watchman through execution
of savvy administration rehearses. Besides, while half of banks' information is put away on cloud
as of now, the progress to 100% will occur over the course of the following two years. These are
basic elements to shield against. First and foremost, banks should dispense with utilization of
individual or leased gadgets by putting resources into VDIs. This can go about as the principal
hindrance to digital breaks. To additional layer this, carry out a progression of controls and
structures to screen worker and client action, exchanges through confirmation. This should be
combined with worker and client training. Without awareness of digital dangers, it is not difficult
to succumb to monetary extortion. Following best administration practices will guarantee a bank
is prepared to confront any test tossed in its direction. This advancing computerized scene
requires our most extreme consideration. It has disturbed client conduct, inclinations, and
disposition, which will undoubtedly reshape the financial world as far as we might be concerned.
To really accept the new world, we should take new measures and search for approaches to
enhance the current tasks which can satisfy the evolving prerequisites. Effortlessness in the
computerized age is the advancement the financial business is going through.

On the other hand banks will also face certain challenges after Covid 19
● Banks might partake in a revitalisation of relationship loaning as they channel assets to
clients over the emergency and partake in the security of the wellbeing net and
admittance to store financing.

● In any case, the Covid-19 emergency will speed up pre-emergency inclinations as quelled
development and low financing costs will persevere for quite a while. It will test the
flexibility of the monetary framework, the administrative changes executed get-togethers
worldwide monetary emergency, and the constraints of national bank intercession.

● While banks might appreciate impermanent administrative and administrative help,

digitalisation will get a huge catalyst, with new participants testing banks. Digitalisation
will expand the contestability of monetary administrations, however its drawn out effect
will rely upon the market structure that wins. Banking might move from the customary
oligopoly to a framework with a couple of predominant stages that control admittance to
a divided client base, with a couple of BigTech firms and some stage changed
officeholders consuming the interface with clients.

● Medium-sized banks will endure since they can't deal with the expense efficiencies and
IT speculation that are essential in the new climate. Solidification could be a break course
for focused on banks, yet in the post-Covid-19 world, political deterrents to cross-line
consolidations might reemerge as states become more defensive of their public financial
heroes, with banks considered key.
● Controllers should adjust to computerized interruption by adjusting working with rivalry
and permitting the advantages of development with ensuring monetary steadiness. To in
this way, they should arrange prudential guideline and rivalry strategy with information
strategies, exploring complex compromises.