The pandemic process, which has affected the whole world, has caused radical changes in our daily social life and business life. The coronavirus epidemic, which started in 2020, reshaped the way we do business, our daily routines and our behaviors that have been going on for years. The pandemic reminds everyone once again of the importance of our health; While it enabled the acceleration of digitalization, it also caused critical changes in the sectors.
With the pandemic, there have been changes in many areas. The most obvious differences were the widespread use of online channels that reduce contact. The finance and banking sector, which has been in a digitalization attack for years; He quickly adapted to this change because many of his players were prepared.
Banks quickly strengthened their digital channels
Banks accelerated their investments to further strengthen their digital channels. At the same time, many new applications and features that reduce contact have been introduced. Thus, while the concept of branchless banking and online banking services developed, there was also a significant increase in the number of digital financial institutions other than banks, many of which are fintechs.
While the regulations in the legal regulations are being implemented rapidly; Remote customer acquisition for banks and financial institutions, removal of wet signatures, QR code Many regulations, such as increasing online transaction limits supported by NFC technologies, came into effect during the pandemic process. These applications, which were in a rapid development process in Turkey before the pandemic; It would not be wrong to say that it entered our lives much faster in parallel with the needs arising from the epidemic.
There is no longer a need for a wet signature and a branch to become a bank customer.
Remote customer acquisition was the most important step taken in digital banking. There is no longer a need to go to a branch to open an account at a bank or financial institution. In parallel with this practice, the wet signature requirement has been abolished.
Banks quickly integrated online identity verification systems into their systems and began to acquire customers through remote transactions. These innovations provide great convenience; It has introduced many new products into our lives, such as online loans and account openings. In addition, the scope of services offered through banks’ digital channels and mobile applications has expanded.
New regulations for Fintech platforms gained momentum
The pandemic contributed to the development of banks’ digital channels and acquisition of new capabilities. It also brought the services offered by fintech companies to greater prominence. In this regard, with legal regulations, payment institutions provide electronic money platforms; The most notable innovations were the ability to create IBAN and transfer money between platforms.
After the pandemic process is completely overcome, banking services will become much more digital; A future awaits us where branches turn into marketing and promotion areas and branchless banking service is not a trend but a reality.
