COVID-19: Retail Banking’s New Reality

The retail banking industry is one that has been significantly impacted by technology with the growth of Fintech alternative banking platforms, the shift of consumers away from branches towards digital channels and the rise of alternative payment platforms such as mobile wallets. Ironically, in spite of this disruption, our Future Readiness study conducted in January clearly identified that banks are currently focused on shorter term threats, leaving them vulnerable to unexpected market shaping disruptions. 

The key question we wanted to answer as part of a major consumer study, namely with the arrival of COVID-19 and its impact on all industries, was whether banks’ collective move to digital helped them maintain an acceptable level of operation?   

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