COVID-Driven Innovations: Digital Banking is the New Status Quo
January 21, 2021
The COVID-19 pandemic is changing the way businesses conduct themselves online as well as customer expectations about what they can do. In other words, shopping has moved from the retail space to anywhere a consumer has a smartphone and digital banking is among the greatest business innovations that have enabled this brave new world.
Long a niche segment of the overall financial industry, digital banking is not only growing by leaps and bounds but is expected to be the standard in a few short years.
Here are five major reasons why digital banking is one of the business innovations that is driving the pivot in how people spend money during the pandemic and beyond:
- Customers Expect Digital Banking Features to Be Customized to Their Needs
- They Expect Everywhere, Anywhere, All-the-Time Access
- Multiple Methods of Payment
- Investment Services and Spending Insights
- Account Fraud Protection and Security
- Global e-commerce growth