Bankingscape

Challenges of Full Digital Transition in Banking

Radha | Sep 17, 2024

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Introduction

Why can't banks fully transition to digital despite lessons from Covid-19? Let's dive in.

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Industry Insight

During Covid-19, banks, fintechs, and payment networks played key roles in economic continuity.

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Physical Challenges

Physical branches struggled, with many ATMs offline and call centers overwhelmed during lockdowns.

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BCP and DRP Flaws

Disaster plans were inadequate for global lockdowns, prompting updates for broader scenarios.

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WFH Security Risks

Scaling WFH exposed data security risks, pushing banks to enhance cybersecurity measures.

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Digital vs Phygital

Banks wished for digital solutions but realities demand a blend of digital and physical banking.

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Cultural Barriers

In many countries, the need for physical banking persists due to cultural and infrastructural limits.

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Strategic Balance

Post-Covid, banks must balance digital and physical channels to ensure resilience in crises.

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Conclusion

The journey towards digital banking continues, with 'phygital' solutions leading the way.

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