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Digital Strategy for New Normal



Well before COVID-19, online shopping and home delivery had become a normal part of everyday life for many people around the world. However, the current climate has seen a massive surge in the use of delivery and subscription services by the e-commerce players. However, digital-only banks are being looked upon as a blueprint for how to best operate as a financial services firm during uncertain times. With reduced in-person support, the existing digital customers are using their banking apps more often during the crisis. We are confident this trend will continue and grow post-coronavirus due to its conveniences, whereas security and vulnerability remains a big question mark. The COVID-19 lockdown has impacted those within the banking industry in several different ways, presenting both challenges and opportunities. We are entering a time when a strong digital strategy is becoming a necessity rather than a luxury – welcome to the new normal.



The first phase is a tactical response, where banks take immediate actions to support their employees and customers in an operational shift. This phase will see banks enable their workforce to operate remotely and see a rapid move toward digital channels. During this period banks will see a surge of calls into their call centers and will need to ensure that these calls can be answered, with vulnerable clients being prioritized. Working on having a flexible workforce will help keep jobs, provide better customer service, and encourage their clients to continue banking and being active. The second phase focuses on the end-user, high-priority focus items. For instance, banks will need to review their customer journeys and ensure they are enabled to support digital channels, and how they can best support their customers, such as virtual help desks. The third and final phase is adopting a strategic focus, where banks will ne.