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The COVID-19 pandemic became one of the most significant turning points in modern history. It changed the way people work, interact, shop, learn, and manage their finances. As physical interactions became limited, digital banking and technology-driven financial services emerged as essential tools for navigating uncertainty.
Not so long ago, just before the COVID-19 happened, we couldn’t point to one event and call it a turning point in history, at least in most of our living memory. Such an outbreak at a global scale was quite uncalled for. In fact, nothing but the World Wars have altered the path of humanity as much as COVID-19 is threatening to do.
We are at crossroads today, with the government, on one hand, trying to contain the spread of the virus while also keeping the world’s economic engines from stalling.
This reminds me of a legend from the Odyssey by Homer. It’s the tale of Heroes who were travelling, navigating and overcoming dangers along the way.
One such obstacle in their path put them quite literally at a crossroads. And this particular obstruction jumps out because it is just as relevant to the world today as it was to those sailors onboard that mythical ship.
Legend has it that when Odysseus was sailing along the Strait of Messina near Sicily, his ship came upon a passage fortified on two sides by two deadly fates. No ship had ever passed through the passageway without having its crew either devoured by the monster Scylla, that lived on a large rock on one side, or being sucked into the strongest of ship-crushing whirlpools on the other side, called Charybdis.
The dilemma this put Odysseus in was this: to which fate does he submit his ship?
Does he avoid the large monster and risk the ship falling into the whirlpool, or does he stay safe from the tempestuous waters of the whirlpool, surrendering his companions, mates and maybe even himself to the six-headed beast?
Today we are in a situation no different from the dilemma of Odysseus onboard his ship, staring down our uncertain future as he once did his. As governments across the world try to avoid the monster that is the Coronavirus, they risk falling into the whirlpool of a contracting economy.
Much like the ships before that of Odysseus, many countries have fallen prey to one or the other and are now hobbling to the shore. But India sails on, still navigating the troubled waters just within the Coronavirus’ reach.
It has become nearly impossible to say if we’ll be able to go back to our past ways of life. This seismic shift in behaviour shall entail a shift in our attitudes too.
For those who have the opportunity to do so, we need to practice as much social distancing as we can. This might imply missing that get-together with friends that we have been craving for so long. It might mean maybe notching some skills in the kitchen so that we aren’t as dependent on online food delivery as before.
Or maybe missing that IPL match we were so looking forward to seeing in the stadium.
The uncertainty of the future forces us to be more careful in our actions today. This puts us in a situation of unprecedented confusion.
There were interactions in our lives which were necessary to survive, but which in this day have become a threat to our survival itself.
So, where do we go from here?
What of the necessities the modern world had imposed on us that have now become unsustainable?
The simplest answer to that is that we’ll have to find new ways to go about our interactions, which must take the physical aspect out of them.
In that, we are extremely fortunate that we stand at a point in history where many of us have the privilege to experience technological developments that let us further our needs and wants without the express need to physically interact for the most part.
This gives us the ability to phase out our traditional interactions.
Today, most of us can get our groceries without stepping out, read the best of books without going to a library, and even get an education from a bright teacher on an equally bright screen.
It is now possible to find love, or whatever we choose to call it, through a screen as well.
It’s as if Odysseus suddenly had the power to fly his ship over the monster and turbulent waters.
So why not put this power to good use?
Maybe we still feel the need to go out and have dinner with people. Maybe we still feel like going out for a play or a movie. Maybe we still want to kick a ball around with some friends.
These are very human needs that we will experience and will have to overcome in the coming days, months, and perhaps years.
But banking or dealing with government bureaucracy is not something we are craving to get back to as soon as the lockdown is lifted.
Yet these are necessary interactions we have no real alternatives to, at least currently.
These interactions are essential for citizens to maintain their place in society.
So what do we do about these necessities of adulthood?
How do we bank without physically going to one?
Wouldn’t it be useful if the bank could simply come to us?
Well, the good news is that the time for such institutions is ripe.
A wave of New Age Banks, or Neo Banks as they are better known, is set to wash over us.
These are no-branch banks that put all of our banking in our phones. They combine technology and banking to enable a much more agile and fluid experience.
We are perhaps fortunate to be able to witness this banking revolution.
Because however much we try to keep the economy in top shape, the truth is that COVID-19 has put a deep dent in the growth of economies worldwide, which will affect us all in one way or another.
To ease the pain of what is to come, we need to make sure we are prepared.
We need to be smarter with our money.
We need to save and grow our assets to ensure we are equipped to deal with whatever lies ahead.
It is time to shift to a new way of banking—one that provides better control and easier access to our assets.
Saving, investing, and insurance have become such important parts of our lives that they may single-handedly define where we stand in a few years.
It would therefore suit us to have everything in one place.
This is the opportunity we have to influence the way the world works.
Perhaps with the advent of Work From Home and the absence of daily commuting, we can save and invest more for a secure future.
One where we emerge from this crisis stronger and in better shape—physically, mentally, and financially.
The COVID-19 pandemic accelerated changes that were already underway. Consumers became more comfortable with digital services, remote interactions, and technology-driven financial solutions.
As digital adoption continues to grow, banking experiences will become increasingly accessible, convenient, and mobile-first. The institutions that embrace this shift will be best positioned to serve the needs of a rapidly changing world.
Much like Odysseus navigating dangerous waters, societies and businesses continue to adapt to new realities. While challenges remain, technology has provided the tools needed to build resilience, maintain essential services, and create new opportunities for growth.
And as for Odysseus, he and his crew eventually did make it out to the other side. There were losses, but the ship sailed to safety, bringing them home to live and fight another day.
A: COVID-19 accelerated the adoption of digital banking by reducing physical interactions and increasing demand for remote financial services.
A: Consumers needed safe, convenient, and accessible alternatives to branch banking, leading to greater adoption of mobile and online banking platforms.
A: Technology enabled people to work, learn, shop, communicate, and manage finances remotely during periods of lockdown and social distancing.
A: Consumers became more comfortable using digital services, including online payments, digital banking, remote work tools, and e-commerce platforms.
A: Digital banking is expected to continue growing as customers increasingly prefer mobile-first, convenient, and technology-driven financial experiences.
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