Digital Banking: impact of in during covid-19

European Banking 2021 – An Accelerated shift towards Digital Banking due to Covid19:

Recent research was conducted in Europe by Signicat, a trusted digital identity company. According to the 4,000 consumer survey, a majority of respondents said 100% of digital customers should be on board, and 66% of respondents expect banks to work to increase consumer access to new financial services through solutions for creating new financial services.

About 40% of European consumers say they have not had access to new financial services due to the COVID-19 outbreak. About two-thirds of respondents said the pandemic could accelerate the shift to digital integration, and only 14% of respondents disagree.

 70% of respondents said they have an account with neobank, a financial services company with a digital focus. Respondents also said that digital banks provide a better user experience than traditional banks.

 As a result of the crisis, physical bank branches have been closed, making it difficult to access financial services in person. For example, banks and financial institutions around the world have started using digital banking solutions such as internet banking, mobile banking, and digital customers to provide consumers with convenient remote access. It enables financial institutions to reach consumers remotely.

 Signicat CEO said: “Our regular survey of consumer attitudes to digital offerings has shown that financial services have struggled to meet consumer needs in recent years. Digital services are desperately needed. The digital customers are 2 -3 times bigger, more profitable, and more loyal than some branch customers.” He added that consumers want to do all the banking online, but the quality of the user experience is critical as most consumers submit their license requests.

Below are some digital banking solutions that banks should use:

• Internet banking: Internet banking offers consumers an omnichannel experience. The characteristic of internet banking is that consumers can view online transaction data, pay bills, pay sellers and transfer money. Consumers can use the service anytime and anywhere. The services offered are simple and easy to use. Transactions can be completed in minutes.

• Mobile banking: Mobile banking provides consumers with a secure and seamless digital experience. Banking services can take place 24 hours a day, 7 days a week, wherever and wherever the consumer feels comfortable.

Digital lending: A digital lending solution helps financial institutions automate the end-to-end lending process, including creating and managing loans, collections, and collections. Consumers can apply for the loan online, go through the KYC process online through the KYC video and pay EMI online. With easy access to consumer information and the power of analysis, banks can quickly decide whether or not to extend credit to consumers. This allows loans to be repaid in less time.

• Integrated digital customer: The integrated digital customer helps financial institutions accelerate access to new external customers through an integrated approach process. Consumers can submit the necessary documents online and follow the process.

Digital banking is becoming the new normal. However, banks and financial institutions will have to adopt new technologies to use their data to make money and stay competitive. The pandemic may have caused branch closures, but it has accelerated the adoption of open or digital banking solutions that will bring convenience and new applications that will change the way customers bank.

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