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What banking will look like after the pandemic

As we emerge from the COVID-19 crisis and look to the future, we can clearly see that banking will be very different than it was before. Perhaps most obviously, banking will move increasingly into online spaces as the measures taken to combat the spread of COVID-19 are exposing a greater number of consumers to the conveniences of digital banking. At the same time, many employees that have adjusted to working remotely may well want to continue working as such after the crisis has passed. While this may have been rare pre-COVID-19, it has the potential to become the norm as financial institutions (and employees) become comfortable with the fact that such setups are feasible in the long term.

In addition to the physical (or lack thereof) ways in which consumers and employees interact with financial institutions, a post-COVID-19 banking world is likely to be one that is more creative. As employees have had more time at home, they have had a chance to grow in creative approaches, something that is likely to be leveraged to improve processes and services and, potentially, create new ones. COVID-19 has also emphasized the importance of purpose over profit. We can reasonably expect this idea to continue going forward as consumers have become accustomed to financial institutions doing things for the common good in addition to profit.

While nobody can be certain about what the post-COVID-19 world will look like, it is certain that change can come at an instant and that the key to long-term success is the ability to imagine the possible outcomes of tomorrow and set in motion initiatives to respond to those outcomes today.

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