With the pandemic, we’re more anxious about in-person transactions but are also new to the many digital alternatives out there. Banks are positioned to help us boost our financial confidence as we increasingly rely on digital means. Some examples include transaction alerts and providing spending insights.
These alerts and insights help us feel more in control of our finances, while monthly insights give us a quick overview of our spending patterns and help us to manage money mindfully. Let’s take a look at the digital tools that are gaining popularity amidst the pandemic.
Contactless Payments
Payment methods have changed drastically over the past few months giving our hyper-sensitivity to touching surfaces. Contactless payments have been a driving differentiator when it comes to the way we pay for things. We are content with the ‘no-touch’ payments and are more likely to adopt these new habits once the pandemic has subsided.
Mobile Banking
With banks temporarily shutting their branches, mobile banking has gained traction during the pandemic. A positive adoption of mobile banking has increased banks efforts to offer more robust features and intuitive design to adjust to the dramatic acceleration in digital payments.
Moreover, adoption of digital means during Covid-19 will most likely continue post-pandemic. We have slowly but surely familiarised ourselves with the ‘easy-to-use’ experiences across our digital apps. With the on-going tech disruption in retail banking, it’s time we come to terms with the drastic changes and continue to trust and rely on our financial institutions to pave the way for us.
Financial Literacy Apps
Financial literacy has steadily gained popularity over the years. However, the pandemic has seen a quick rise in its usage with new e-courses and apps.
If there’s anything the pandemic has taught us, it’s how quickly our finances can be destroyed without the necessary preparation. From losing a job you’ve held for years to having to dip into your emergency fund or even putting a hold on premiums, an unexpected financial crisis can leave you and your family distressed. Many have taken financial literacy more seriously with this awakening so as to better prepare for the an emergency – resulting in demand for financial literacy apps, e-courses and webinar.
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