How did core banking services deal with 2020
2020 has been a year that has witnessed a shift from office-based work culture to home-based work culture across the globe. Due to the pandemic caused by coronavirus, governments were forced to impose a lockdown on public activities. Business organizations were left with no choice other than devising ways to keep the workforce functional from their houses. Organizations actively pursued work-from-home policies and started facilitating IT support so that employees did not feel the need to visit their offices to complete their work.
This demanded a great deal of digital transformation of the business processes, which were in effect since the beginning of the current decade. Several business organizations had already transformed their operational processes, and a large number of them were in the middle of this transformation. The pandemic of 2020 made those organizations speed up the transformation process.
If you assess the banking sector, you will notice that most banking organizations were already digitally transformed. However, several commercial banking and financial institutions were taking up the change in a gradual manner. These institutions were dependent on offline interaction with customers for several functions. However, with no choice left in 2020, these institutions started investing in speeding up the process. In this regard, the role of core banking technology has been immense.
Since the advent of this technology, the transformation of core banking services has been easy. In 2020, too, core banking technology played the role of a saviour for commercial banking and other financial institutions. By using this technology, banks could reach out to their customers and offer them all the services irrespective of their locations. Undoubtedly, it was a great help for the customers as well. The trust factor of the customers for their banks increased manifold. The bank-customer relationship also deepened a lot.
Organizations that had already undergone a digital transformation before 2020 were the real winners. They could serve their customers without much hassle as they already had the infrastructure to offer banking services through online mediums. It was a lesson for the organizations which had neglected the need for digital transformation over the years. 2020 made them realize the mistake they had been making and made them join the game without any delay. All the upcoming banking and financial institutions must learn from 2020 and start with a robust digital infrastructure.
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