The financial world has also changed with the impact of the Pandemic. There has been a huge increase in contactless payment methods such as contactless cards, QR code payments and digital wallets. This has caused digital adoption in banking products to occur very quickly.
According to the research conducted by Mastercard in 2020, 74% of customers plan to use contactless banking methods even if the pandemic is under control. We can summarize sond trends in four basic items:
- Providing customized and personalized services using customer data will improve customer experience in the future.
- The increase in data-focused financial banking services highlights issues such as cyber security and privacy. It is expected to see stronger collaborations between FinTechs and other service providers in order to provide better infrastructures.
- The increase in e-commerce with the pandemic has brought the Buy Now Pay Later (BNPL) system to the fore.
- The new focus of physical branches is relationships. Statistics in the Retail Banking report shared by Price Waterhouse Coopers in 2020 show that the branch experiences that 60% of customers find satisfactory depend on their relationships with the staff. For this reason, branches that focus on communication seem to be the future of physical banking. Examples: Virgin Money branch in Manchester, Caixa Bank’s ImaginCafé in Barcelona, ING Bank’s Amstelveen branch.
