05 Oct 2020
In business, the COVID-19 pandemic can be considered as an initiator of digital transformation. A part of its lasting impact, the current health crisis paves way for digital technology to become more integral to many industries, including banking.
The demand for digital banking becomes more evident, subsequently prompting the industry to know that this opportunity to embrace the digital shift through the use of digital technology in banking may actually go beyond that.
As we begin to lift stay-home lockdowns, banks are starting to continue operations while following the new scheme’s guidelines for health safety. While all these measures work to allow operations amidst pandemic, now is the time for traditional banks to be competitive by preparing for how people will bank in the near future.
In this blog, Inewvation International highlights the advantages of digital technology solutions in shaping the future of banking, and features its brands’ innovative solutions that aid in adapting to the “new normal”.
The Challenge in Banking Today
When the pandemic hit, lockdown orders were in place and bank branches were forced to close. With this, customers turned to alternative way, the digital banking.
Today, banks are now starting to reopen with enhanced safety and security measures, meeting the “new normal” standards— reduced operating hours, transaction limits to customers, requirement of face shield and mask, regularly sanitation of surfaces, and more. However, recovery may not be easy as the risk onhealth safety caused by COVID-19 is still high, making digital banking be more preferred.
Needless to say, the global health dilemma has actually accelerated what was already happening. Bank customers are getting accustomed to digital banking which provides them minimal or zero physical interaction and convenience of use. Thus, the challenge now involves not just recovery from the pandemic’s effect, but competing with the advantages of digital banking.
Digital Technology in Banks
Like how it did to other verticals, the pandemic has advanced a new era in banking industry.
Digital technology offers an important role in helping banks to both keep up and cope up today, and its advantages to the industry should not necessarily bring a disruption to the traditional way of banking. Meaning, the use of digital technology for banks in the “new normal” has to go beyond real-time digital bank transactions, virtual wallets, online cash remittance, cashless payments, but banks reopening branches with streamlined digital innovations, enhancing their operational efficiency, providing a safe and improved service to their customers, and maintaining their relevance in the new age of banking.
YCD Multimedia’s Marketing Manager asserts that: "Digital signage has become an important element in modern banking, allowing a more effective customer experience and communication." Carulli, in one article on Digital Signage Today, agreed that: “banks are becoming retail environments that are rediscovering the value of in-branch services for boosting sales and strengthening customer relationships.”
“New Normal” Solutions
Inewvation International has a roster of technologically advanced products, helping to fight the pandemic, allowing business continuity amidst the health crisis, and aiding the community to be more resilient in embracing the “new normal.”
Inewvation Digital Portrait Kiosk with Automatic Hand Sanitizer Dispenser allows banks to display their offerings and services, and attracts and gives customers an exciting visual experience. This can dispense hand disinfectant or sanitizer for branch customers, maintaining cleanliness and health safety.
Fit for any type of business, Inewvation Digital Table Top Display with Automatic Hand Sanitizer Dispenser allows delivering of messages, while helping in cleanliness and health safety maintenance. This can dispense hand disinfectant or sanitizer for bank customers.
Under the “new normal”, Inewvation E-Banner Slim can be of great way in delivering banks’ messages to customers. This can display announcements and advertisements, giving quick information to customers and minimizing unnecessary stay.
InVue Business Tablet CT200 has an optional point-of-sale capability that lessens interactions of customers with staff. Bank customers can access their statement of accounts, browse the banks offerings and services, and check currency exchange rates, market prices, and any vital financial data, all by themselves.
These multi-purpose solutions help in making businesses more competitive, become relevant, and move towards digital shift.
For the past years, the competitive landscape of banking has evolved and is continuously evolving. Although it seemingly struggles today, one thing is for sure, traditional banking is here to stay.
With the right partner, traditional banking can transform the experience it provides today, meeting customers’ expectations, keeping up with the digital trend, and seamlessly adapting to the “new normal”.
Being a pioneer and one of the leaders in the industry, Inewvation International is here more than just to lead businesses in digital transformation, but also to provide the best digital technology solutions in any needs.