A cashless banking environment in a digital world is all but inevitable, as payment systems become more important than branches
In the Business Beyond Covid series, CEOs and other business leaders and experts in their sectors look to the future after Covid-19. What effect has the pandemic and resulting lockdown had on their industries and the SA economy as a whole? Which parts will bounce back first and which will never be the same again? Most importantly, they try to answer the question: where to from here?
Most have successfully navigated the operational transition to remote working. In the main, resilience plans kicked in effectively and banks are finding rhythm in the “new normal”.As SA eases its lockdown and moves away from the initial phase of the coronavirus pandemic, we are all experiencing a period of intensive activity, which includes how we will settle into new ways of business and working.
The past weeks have helped this transition and may very well prove the catalyst for the general acceptance that what we really need is access to payment and banking systems, not banks and branches.In the coming months the pressure on operational efficiency will be relentless. Questions will be asked as to how banks can reduce costs and navigate the social and societal impact of such decisions.
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