Published: April 26, 2021
The pandemic served as a catalyst for changes that were already underway, not least greater digitisation and better non-financial risk management.
Although banks were facing testing times even before the pandemic, Covid-19 has forced their hand to adapt quickly or risk losing out on long-term growth.
With ‘stay at home’ orders in place, in-person interactions were replaced with video calls and other digital modes of communication. This meant
the shift towards digital banking channels, long underway anyway, gathered momentum. According to research by RFi Group, 71% of consumers used these channels weekly in 2020, which reflects a 3% increase on 2019. In the United Kingdom, the number of people using mobile banking services on a monthly basis surged from 52% to 57% from the second half of 2019 to the first half of last year.