With the rise of new technologies, many think that this is an opportunity for financial inclusion, which can be driven by the government and the banking industry; these sectors face challenges, such as personalizing customer service and guaranteeing access to the financial system. Post-Covid banking will be forced to use technology to recover as a result of the pandemic that occurred during 2020 and 2021.

Faced with these challenges, the banking sector will have to comply, control, and offer results differently, with “risk management” integrated into its digital operations. The Covid-19 has brought with it the acceleration of the digitization process; economic activities have been forced to use digital tools to adapt to the critical moment and thus make up for the shortcomings of face-to-face staff in the various insecurity constraints. The use of digital channels, the rise of remote work, and the absence of clients in the branches push the search for strategies by the new environment. As a result of these events, the banking sector must follow certain guidelines that allow it to succeed in the post-pandemic era; below we share some of these guidelines:

Share the use of ATM infrastructure

Faced with the imminent closure of branches, financial firms will have to face a new way of managing ATMs and the shared use of these; for example, they can use a single software platform, in fact, already in the Netherlands, Sweden, Belgium, Finland, and Indonesia, is a common practice.

Transformation of bank branches

24-hour availability, automated, profitable, and intelligent, are characteristics of future bank branches, and it seems that they are already moving in that direction. Although the traditional format is no longer profitable, they are still necessary to not exclude anyone; everything indicates that, like ATMs, a group of providers could be presented that configure a white label banking to offer multiple services. There is a tendency for the client not to interact with AI programs (artificial intelligence) for important solutions, so other scenarios must be sought, for example, remote personal attention plus specialized AI software.

ATMs and branches united or separated

In addition to designing a new ATM network, branches must also be modernized to provide good service to play a good role in the distribution channels. Given this scenario, it is very likely that all ATMs’ automation processes will be accelerated, based on self-service relying on video and telebanking, such as a range of banking services, not just money. With this, the aim is that the client’s journey is personalized and that the solutions are viable depending on the post-pandemic environment.

Technology based on artificial intelligence and the cloud

The current scenario is marked by speed, teleworking, and increasingly demanding clients, pressure for banks and financial entities to promote a business strategy that involves artificial intelligence and the use of the cloud, in addition to the protection of cyber threats; this is technology can also make predictions about which place needs more resources and even know people’s mood through facial recognition and thus give better attention.

What do you think about this topic? What other things do you think are coming for banking now in the post-pandemic era?

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