Conference Presentation, Fireside Chat
How COVID-19 is Shaping the Future of Retail Banking - Conference Call Series
- Call recordings will be published online the following day.
- Policymakers are expected to build a more resilient economy capable of withstanding future pandemics and adverse economic shocks.
- Behavioral shifts in digital adoption, including increased mobile deposits and virtual closings, are anticipated to evolve, with some changes persisting long-term.
- Digital tools are projected to complement rather than substitute human interaction.
- Mobile payment app features accelerated during the pandemic likely would have required one to two years to educate clients and drive adoption under normal conditions.
- Institutions excelling in both digital and physical channels are expected to capture increased market share over coming years.
- Automation and throughput capabilities developed during the PPP crisis are projected to be embedded in all future operations to establish a new norm.
- The speaker expects many, if not all, banking technologies will eventually migrate to cloud environments.
- An adverse psychological aftermath of the pandemic with an unknown duration is anticipated.
- A vaccine announcement is expected to alleviate current concerns regarding in-person interactions.
- The number and footprint of branches are projected to decrease over the next three to five years.
- Despite reductions in physical footprint, branches are not expected to disappear entirely due to the enduring human desire for face-to-face interactions.