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May 3, 2021 @ 7:53 am By Omar Faridi
The Coronavirus crisis has accelerated digital transformation across the world, including the APAC region, which has resulted in many bank branch closures.
There’s also been a significant increase in retail banking activities that’s supported by all-digital challenger banks. These virtual banks are digital-first and are usually more focused on improving customer experience (CX) than incumbents.
Despite the socioeconmic challenges created by the COVID-19 outbreak, many new banking challengers have been able to grow their client base due to many more consumers engaging in online shopping and performing digital transactions.
In order to stay ahead of the competition, Fintech challengers may want to consider a faster launch, as it could help test the viability of their product offerings – which can improve the ability to cater to customer requirements.
COVID-19: Examining the Impact of Lockdown in India after One Year
One year after its announcement in March 2020, the consequences of India’s strict COVID-19 lockdown measures and ineffective policy responses continue to be felt, be it in terms of livelihood loss and economic downturn or increased marginalisation of vulnerable sections of society.
On 24 March 2020, with approximately 500 confirmed positive cases of COVID-19 reported in India, Prime Minister Narendra Modi addressed the country and declared a nationwide lockdown. He announced that “a total ban is being imposed on people, from stepping out of their homes for a period of 21 days.” The lockdown, which would be in operation from the midnight of 24–25 March, was announced with only four hours’ notice.
Author Ranina Sanglap
The Philippines may see its first purely digital banks by 2022 as the central bank prepares to issue them licenses. But the challenge for the neobanks will be to build trust and convince customers in a country with low financial services penetration and a preference for face-to-face interaction, analysts say.
The Bangko Sentral ng Pilipinas in November 2020 approved a new license category for digital banks. The central bank has received two applications as of February one from a new player and the other from an existing bank to convert into a digital bank, BSP s Deputy Governor Chuchi Fonacier told S&P Global Market Intelligence.
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