COVID-19 has impacted the way Kazakhstanis are living their lives, and many believe that the new normal will look very different from the old one. Within the banking sector, COVID-19 has pushed 7 key changes:
- Push toward online – COVID-19 has forced a quick transition to online financial services as people were forced to spend more time at home. For many consumers, this push made them realize that ease and convenience that online financial services offer.
- New trust in online transactions – an increased use of online financial services has given people confidence in it as a viable solution going forward.
- Raised expectations – given their exposure to new online possibilities, consumers are likely to have increased expectations for what commercial financial institutions can offer them to save their time, effort and money. This is likely to result in improved quality and expanded functionality in the near future.
- Online ecosystems – COVID-19 has stressed the importance of online ecosystems for commercial financial institutions as consumers turn to their smartphones and computers to satisfy their daily needs.
- Cashless payments and transfers – COVID-19 has shown how unhygienic cash is as well as how convenient online transactions are. This is likely to push payments and transfers to be completed, more and more, in cashless ways.
- Digital development – as retailers transition to online, it is important for consumers to have a full-fledged online consumer journey, one that allows for all their needs to be met fully online.
Revised banking business models – as the banking sector (and the larger economy) moves toward more and more digital, commercial financial institutions will need to adapt to new realities. This includes embracing FinTech solutions, especially those focused on meeting consumers increased demands for products and services.