What does technology mean for the post-Covid-19 banking sector?

Long gone are the days where it was necessary to enter a physical bank in order to handle and manage money. Recent technology has opened up a whole new world of opportunities in both retail and consumer banking. Yet the banking sector’s digital transformation is far from over. Numerous demographics have accessed financial services digitally for some time now. However, the trend has only intensified since the start of the pandemic, which accelerated the mass closure of physical bank branches, encouraging even greater exploration of online alternatives.

While far-reaching innovations in the industry were already on the horizon, Covid-19 created a catalyst for even more change, and many of the customers who embraced online-only banking over the past year have managed to adapt. In fact, almost half of respondents in a survey by DepositAccounts revealed that they would gladly never return to a physical bank branch ever again. Banks need to continuously evolve in order to stay competitive in a market full of companies using technology to give their customers the best possible experience.

Fintech has accelerated banking digitization 

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