Page 28 - Banking Finance February 2021

ARTICLE

banks are unable to support them by educating them
during their transmission journey. So in the current
scenario of corona virus banks should redouble their
efforts to smooth customer's transition to digital.
3. Full insight on future of customer's behavior : banks
must adopt effective approach with positive attitude
and clear communication, segment specific campaign
online coaching and advise to customers for how to
carry out specific digital task along with simplified
tutorials. Few foreign banks has already come out with
an integrated digital corona virus program on banking
service, wealth management services, tutorials and
timely advisory content as well as non banking related
services to prove to be a real friend in need for the
customers.

Last but not the least the traditional payments eco-system
expose countless people to the risk of a COVID-19 infection, free of germs by any means. There are so many articles in
someone with COVID-19 hands a cashier their credit card. print media and TV as well how to disinfect the mobiles
The transaction is processed. You're next. When the cashier without harming them. What makes them potentially more
hands you your credit card back, it may have viral matter appealing from a COVID-19 viewpoint is that apps and
smeared all over it. Then there's the ATM touch screen. mobile wallets allow consumers to make in-person payments
Debit cards, POS terminals with keypads etc. The folio cover without contact with another person. They can "wave and
in the restaurant with your bill and the pen they give you to pay" instead of handing and being handed cash, coins, or
sign the check. cards and P2P services like Paytm, Googlepay and PayPal's
can enable individuals to pay and reimburse each other
Our age old payments system wasn't ready for the digital without exchanging cash.
era, and it is even less prepared for an infectious pandemic.
In the typical day, someone may make a half dozen Consumers' desire for all forms of contactless payment may
payments in the petrol pumps, lodging and boarding places, start ramping up and more time is needed to assess the
dry cleaners, grocery store, restaurants, etc. there is almost real and lasting impact on consumer behavior, this is an
no traditional payment mechanism that doesn't expose both indication that the tipping point for contactless usage may
parties - the payer and payee - to the risk of a COVID-19 arrive faster than anticipated,
infection. Millions of transactions every day. Millions of
opportunities to spread everything from the common cold "In this time, banks must increase awareness of the
and influenza to more serious diseases … like the deadly contactless feature among the customers and instead
coronavirus. educate consumers about all benefits that contactless
transaction can offer. Responsible communication should
But there are digital options - such as prioritize those who are at the highest risk of infection."
mobile devices I hope the world will finally be ready to adopt to digital

This is not to say that mobile devices are, by themselves, wallets now that their lives may depend on it? T

28 | 2021 | FEBRUARY | BANKING FINANCE