Covid-19 is expected to fundamentally change the way customers interact with their banks, retailers and other service providers. Fintech businesses, which were built to operate in a fast-moving, digital-first economy, are particularly well-placed to meet their demands through the crisis and beyond. Since the onset of the virus, businesses have had to grapple with how to protect their staff and customers from infection. This has meant facilitating remote working arrangements and digital customer service delivery. At the heart of this fundamental shift, is the need to have robust, resilient and flexible technology infrastructure that can support this new way of doing business. Customers will be forced to take all of their banking online and are likely to find that their bank may not be fit for purpose to handle this swift change.
However, traditional banks that rely on inflexible technology infrastructure will be hard-pressed to make the shifts required as quickly and effectively as digital banks like TPF. They are in a far better position to function in these challenging conditions because they were built to be responsive, adaptable and scalable.
Given the nature of digital banking, and the security threats that all digital operators have to contend with, digital banks have also built systems that operate at the highest levels of security and support continuous testing to ensure they provide continuous delivery. This is often a stigma of concern surrounding EMI’s and that your money is safer locked away in a high street bank.
The global lockdown could be the last nail in the coffin for those banks who are:
These are all issues that TPF, as a digital bank, does not have to worry about and has been designed to solve some of these exact problems