On 27th April 2020, I gave a Webinar presentation on the topic of “Post Covid-19 New Normal – Impact to Financial Services Digital Transformation“. This Webinar was hosted by Islamic Banking and Finance Institute Malaysia (IBFIM).
The key take away are:
- Covid-19 outbreak is forcing everyone to adjust to a New Normal
- Social Distancing Measures to curb Covid-19 is accelerating Digital Transformation
- Organizations with the most digital services are the least disrupted by the Covid-19 crisis
- Covid-19 is predicted to permanently change consumer behavior and digital will the new normal
- Total Digital Bank have the most advantage from consumers’ new digital behavior
- Existing digital financial services lack digital onboarding.
- AI technology is available to support a complete eKYC and digital onboarding
- As we have to continue to observe social distancing for sometime, FIs will have to reengineer existing processes to enable more digital services. One of the most immediate one should be digital onboarding