(COVID-19 Aftermath for the Banking Sector)

COVID19 maybe one of the hardest crisis that we face in our lifetime, this pandemic changed our way of thinking and the demands of all sectors.

The banking sector is one of the leading sectors in our lives and one of the main blood veins in countries’ economies if not the heart, and any impact on this sector could have a significant negative effect on our life.

During the pandemic and because of these new circumstances many banks faced a lot of challenges and obstacles that made their operations difficult or to shut down completely or partially and I believe raises the most important question which is; how we can avoid what happened and how can we deal with any crisis in future.

These questions forced the banks to create new demands and to look for new solutions to overcome any future challenges.

COVID-19 Aftermath for the Banking Sector

Below are some of these solutions that benefited the banks greatly during & after COVID-19 crisis:

One of the main challenges that banks faced in COVID pandemic is the execution of different processes between different systems of the bank operations remotely but effectively, and here where RPA is one of the best-fit solutions to overcome this challenge.

RPA is a technology where the customer can hire Robots to do different work and integrate the actions that are manual within systems to automate different processes.

Robots are cost and time efficient, they make zero mistakes and never sleep.

by hiring, Robots banks can execute different processes with the best efficiency and avoid any business shutdown due to lockdown or remote operations and maintain business continuity.

By using RPA you can benefit from availing the experienced resources and allocate them to other activities that need experience and human intervention where they can be more valuable and effective.

  • ML & AI Prediction

During these tough days, business became difficult and the risk of losing customers is high, here where the prediction of customers’ behavior became mandatory.

Machine learning and Artificial Intelligence are not anymore a luxury, it’s now essential and each bank needs to know what is his customer’s right need, who the customer that could leave the bank, and how to re-gain him.

Machine learning and Artificial Intelligence now can provide this information by applying different algorithms and scenarios.

The banks now through Machine learning and Artificial Intelligence can know the next best offer to their customers or do the churn analysis to determine the customers that have a risk to lose them.

The Pandemic put us in new circumstances that we did not face before, the cloud solutions helped different banks to access their system anytime and anywhere without any disconnection or systems downtime.

Many of Banks decreases their capacity to the half because of the pandemic even though they have to comply with all regulators requirements, and here where the compliance solutions were needed and could play a major role to support banks to comply with these requirements and save cost and time in the preparation process.

Lockdown and quarantine prevent different people to reach the banks so accordingly banks have to reach their customers through portable branches and deliver their services to customers

Also E-AO/KYC was one of the excellent channels that allow banks’ customers explore products, open accounts and execute different bank services.

Contact us for more information

Author:Iyad Al Suttari

Deputy CEO

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