Four Ways COVID-19 is Changing the Financial Industry


The corona virus has been gripping us for months. One thing is certain: the pandemic is changing the way we live and work. What is the lasting impact on financial services? What will happen to the branches of large banks and how important is personal contact for consumers? In this blog you will find a bit more in depth.

A Call for Financial Support for At-Risk Businesses, Workers in Developing  Countries Impacted by COVID-19 – USCIB

1. Digital banking is gaining momentum

In recent years, we have already seen significant growth in digital payments. This is accelerated by COVID-19: consumers are becoming more dependent on digital transactions and are also reluctant to use cash, for fear of transmission of the virus. In my personal perception consumers often opt for digital payments. This includes credit cards, pin payments, internet banking and mobile payments.

Within the financial world, the effect of the corona crisis is like a turbo on an already accelerated engine of change. In some big countries where ICT is well developed, COVID-19 has only strengthened this position more and more. This number of contactless and mobile payments has further increased in recent months. Mark my words that this situation will continue.

COVID-19 Financial Services Response Network | World Economic Forum

2. Need for personal contact remains

The number of physical offices and branches in digital services was already slowly declining: the lockdowns worldwide are making an additional contribution to this decline. In my opinion I think big financial institutes will accelate the reduction of their number of branches, and that some branches that are currently closed will no longer open due to the crisis.

But believe me, remarkably, consumers still need personal contact. Otherwise I don’t think that this will return to the old normal.

Consumers probably still want personal, face-to-face contact when seeking advice on complex financial products and transactions.

Nevertheless, the pandemic has shown how important it is to have digital services in order and to familiarize customers with them. 

3. More savings, more security

Consumers take less risk with their money. Before the corona outbreak, a large amount preferred to save their money.  We also see that consumers are more oriented towards their life, household effects and health insurance are some of the things playing these days.

4. Loyalty in question

The way financial services firms deal with the corona crisis is impacting consumer loyalty. People are changing their financial strategies on the run. Many of them are switching to BigTechs and Fintechs.

Major financial players must ensure that they continue to bind their consumers in the coming period, for example through new products and services or an improved customer experience. Otherwise, there is a good chance that young consumers in particular will switch to new digital alternatives.

Live: Forum on global economic and financial landscape in Lujiazui - CGTN

Stronger from the crisis

The way in which organizations act in this corona crisis determines their image among consumers. Not just in the short term: this picture lingers for months or years. It is now a matter of helping insecure consumers with their financial issues. This is the perfect opportunity to think about sustainability policy. By investing in digitization, you increase customer loyalty and your organization will emerge stronger from the crisis.


How to Start, Online Banking for Yourself/Business

FacebooktwitterredditpinterestlinkedinmailHello Folks,

We at are thanking everybody for their positive suggestions/ideas etc etc.One of our visitors Andy Kartonidjojo triggered our team to write a blog regarding online banking. For those who doesn’t know Andy exist in this world, we like to inform you that he is a very positive minded entrepreneur in Suriname, South America.Anyway you can follow him on his active Facebook/Twitter account. Let us roll back to Online banking where the world is moving billions of money digitally.

Online banking is about managing your money online. You can certainly save trips to the branch, view account balances, and move money between accounts, but you can also do much more. When you go electronic, you can do even more than you’d get done at a branch (often with better rates), and in some cases, you’ll use non-bank services or apps with even more to offer.

On this page, we’ll cover how to start banking online, and how to complete common tasks such as paying bills, depositing checks with your mobile device, earning interest on a free checking account, borrowing money, and more.

How to Bank Online
If you’re just getting started, there are two ways to bank online: use your existing bank, or open a new account (possibly with an online-only bank).

Existing bank: if you already have a bank account, you’re halfway there. Almost every bank or credit union offers online banking – you just haven’t used it yet. At a minimum, it’s a good idea to use your bank’s app or website, and it might also be worth looking into online-only banks.

To start banking online using your existing account, you’ll need to sign up for electronic services. In most cases, that’s just a matter of going to the bank’s website, looking for “Online Banking” or something similar, and clicking “Register” when asked for a username and password. If you use mobile devices, you can do everything there instead – just download your bank’s app and register for a username and password.

If the process is confusing for you, don’t hesitate to call (or visit) your bank and ask somebody to walk you through the process.

They are eager to get you online because you’ll handle routine service requests on your own and you’ll use up less staff time in the future. Really, they’ll be glad to help you figure out the system.

Opening a new account: if you don’t have a bank account anywhere (or you’re going to open an account at an online-only bank), it’s time to open one.
Having your own account allows you to save a lot of time and money, and you’ll be even better off if you bank online. First, you’ll need to decide if you want to use an online-only bank (which does not have any physical branches). Online-only banks are more likely to offer higher rates on savings accounts and free checking. However, physical branches offer valuable services that you can’t get from an internet-only bank.

The good news is that you can do both: use an account at a brick-and-mortar bank or credit union and open an account at an online-only bank. Internet banks are almost always free accounts (assuming you don’t bounce checks or overdraw your account) so it shouldn’t cost you anything extra.

If you want to start banking online, you might as well start by opening your account online. Most banks now allow you to complete your application entirely online (read about how that works – it’s easy).

Need ideas on where to open an account? It’s best to research and find a bank that really meets your needs.

Things you can do Online

Once you’re up and running, it’s time to start using your account. You can keep it simple if you like and just view your account balances, and if you’re comfortable you can move on to more advanced tasks.

Pay bills: one of the earliest (and most useful) features of online banking is free online bill payment. Instead of writing checks and mailing in payments, you can have your bank do all of that for you – plus you’ll save stamps.

Earn more: online banks are a great place for your savings. Most online accounts pay more than traditional brick and mortar accounts, and internet-only accounts pay the best rates (typically with no fees or minimum account balances).

Free checking (possibly with interest): it’s getting harder to find free checking accounts at brick-and-mortar banks, but free checking is the norm at online banks. In fact, an online bank might even pay you interest on the cash in your checking account.

Deposit checks: if you’ve got a mobile device with a camera, you can probably use it to deposit checks into your account – any time of day or night. You don’t need to find the time to make a trip to the branch or wait for the mail to deliver those checks to your bank.

Send money: need to pay a friend for your share of dinner? There are several easy ways to send money to somebody without writing a check or digging up exact change. Some banks offer services for making payments, while other services (think PayPal) simply act as a front-end and access your bank account.

Borrow money: in addition to deposit accounts (like chacking and savings accounts), you can also borrow online. Traditional banks let you fill out applications, and newer online lenders make borrowing completely different– it’s easier to get approved, faster, and less expensive to borrow.

Staying Safe

Online banking makes life easier, but it also makes a few things easier for thieves.

Fortunately, you’re probably safer when you take your finances online. Security features are extremely strong, and you don’t have to worry about old-fashioned techniques like stealing mail and forging checks. In fact, the U.S. Government encourages everybody to receive Social Security via direct deposit, in part to reduce fraud.

The main threat to your account is you – think twice before you provide information to anybody. Remember that your bank will never contact you and ask you for your account number, Social Security Number, password, or PIN . Those requests are almost always phishing scams. As long as you keep your devices up to date (including operating system updates, spyware and malware programs, and antivirus protection), you’ll be immune to most threats.

If your account is affected by fraud or errors, there’s a decent chance that you’ll be protected (in your personal accounts – your business accounts are another matter). But you have to notify your bank quickly to get MAXIMUM protection.

With this blog we at BLOGZYNERGY are hoping that you are now ripe enough to start doing online banking activities. Save time and money with online banking.

Click on this link to register your e-bank account at Payza here:

Click/Copy the following link to register your e-bank account at Payoneer :