The coronavirus pandemic has upended the banking business much more so than the 2008 financial crisis. While banks may be in a better financial condition to weather this storm, the current crisis has had a more profound effect on how they operate and how their customers use their services: thousands of branch and call center employees are working from home. Branches are open only during limited operating hours or by appointment, forcing customers to bank online or through their phones.
What are the long-term ramifications from the virus on the banking business? Will banking return to normal after the virus runs its course, or will many of these changes remain permanent fixtures?
The answers appear to lie in digital banking, more customer engagement, remote work, and maybe most surprisingly, drive-thrus.