Digital Banking: The ‘New Normal’

Digital banking may not be a new jargon for the world but the trend is surely picking up fast. Many experts in the field believe that digital banking is here to stay even after the coronavirus pandemic is over. A recent survey by Novantas supports the statement as only 40% of respondents said they expect to return to branches post the pandemic.

In fact, according to Fidelity National Information Services, Inc. (FIS), there was a 200% jump in new mobile banking registrations in early April, while mobile banking traffic rose 85% in the same period. On May 13, Fidelity National Information Services released a survey report on more than 1,000 American consumers, focusing on the ways American are paying and banking while abiding by the social-distancing normal. 

More than 45% of the respondents have changed the way they interact with their banks since the outbreak. Asking about their plans for future usage, 31% of respondents stated they would continue to use more online and mobile banking even after the pandemic is over.

These surveys and reports show rising demand for digital banking and is a wake-up call for bankers to reassess their operating ways. In fact, several banks have been investing more in technology to keep up with demand. Investment in financial and banking technology will lead to further automation and may transform back-office jobs like new loan, overdraft handling or customer service.

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