#NewNormal: Reshaping Banking in the Post-Covid Era

Written By: ATM Marketplace

The current pandemic’s impact on individuals and organisations within the banking sector is ever evolving. It has been predicted that the economic environment post-coronavirus is likely to be tough, with a long and difficult journey to recovery.

In the past few months, financial organisations have attempted to show adaptability and flexibility in these times by operating to protect the health of their customers and employees, whilst ensuring that banking services remain consistent and fully available to their customers.

As so much has changed over the past couple of months, banks need to re-adjust to the radical transformation in the way they do banking moving forward, as well as rethink the way they serve their customers and prospects.

Banks are changing the way they do things, this can include educating and helping their customers to shift to digital, by attempting to strengthen the connection they have with their customers through efficient one-to-one marketing capabilities.

How the #newnormal is the new trend

While the financial services industry has changed during the course of the pandemic, so has customer behaviour and needs.

According to the McKinsey Consumer Pulse Survey on COVID-19 (conducted in mid-April in France, Germany, Italy, Spain, Sweden and UK), digital engagement levels among European customers have increased by 20 percent, 30 to 40 percent of customers have expressed a greater need for advice, and 20 to 40 percent request products to aid them through this crisis.