Post-Pandemic Global Banking

There are many different developments affecting different industries and areas. Crises, wars, diseases, catastrophes or economic depressions in the world bring with them a variety of changes. Due to these problems, people’s activities and lives are seriously affected. Many tasks and responsibilities that are expected to be completed can remain uncompleted because people limit their activities.

Occurrence of such problems as a crisis will greatly affect many areas, especially the economic structure of countries. After restricting human behavior and activities, people may face many difficulties. Due to the economic depression caused by diseases, many countries may stand still for a while and don’t know what to do. One of the recent events in this situation is the global pandemic crisis. The Covid-19 pandemic is having a serious impact in different countries around the world and people’s behavior has been severely restricted.

Due to this pandemic, many services related to education and health, especially economic activities, have been disrupted. Significant obstacles have arisen due to lockdowns and social distancing restrictions. The economies of the countries faced a serious challenge. Banks are at the forefront of important institutions. Post-pandemic global banking could not find enough customers due to their activities or faced significant problems due to difficulties in various scenarios such as loan repayments.

It can be said that banking activities have slowed down significantly due to severe restriction of people’s activities. As banks find it difficult to launch new products and services or manage their business processes, they face severe negative impacts. Since there was an economic crisis and depression all over the world at that time, the banks were severely damaged by this situation.

Due to the difficulties in providing the services of the banks and providing their products to their customers, problems such as the bankruptcy of many banks have arisen. Due to the economic crisis and the uncertainties in the world, the business processing processes of the banks were largely interrupted. Due to the general situation that emerged in different periods, there were relaxation processes from time to time.

However, with the post-pandemic work to come, post-pandemic global banking, which have overall negatively coped with the global pandemic process, have managed to rally. However, after the pandemic, this recovery process and the ability of banks to continue their activities in line with economic indicators have been a major challenge.

As an investor, I think the difficulties banks are facing during the pandemic process represent a great opportunity. The influence of post-pandemic global banking, which make important contributions to the digital transformation, was very limited during this period. However, banks that were not even qualified for mobile banking applications faced a major challenge during this period.

Banks After The Pandemic

It can be clearly seen that banks are facing significant problems due to the great pressure and difficulties created by the global pandemic process. However, many measures and activities that need to be carried out after the pandemic and the impact of these impacts are at a very variable level. In fact, it shows that many banks have made serious progress with attractive offers and product promotions after the pandemic.

We also see that many banks are getting to the point of digital transformation more quickly due to post-pandemic developments. Banks that have started to integrate all transaction and service processes into the digital environment have achieved significant success with this post-pandemic process management. Due to the rapid development of digital environments and platforms during the global pandemic process, such regulation has brought positive results, especially for banks.

We can say that banks have experienced a serious boost as they can offer their services through digital applications and platforms. In this sense, it must be said that the pandemic process makes an important contribution for banks in terms of digital environments. In addition, due to the rules to minimize social distancing during the pandemic process, the popularity of digital transactions has increased rapidly. In particular, many banks offer options such as mobile payment options and QR code payment. During this period, it can be observed that many users use the latest digital services in a highly qualified manner.

It also shows that the banks, which have had crisis management skills and are working on the services to be provided during the crisis since the first moments of the Covid-19 pandemic, have not suffered a significant loss. It turns out that some banks are struggling because they are digitally backward and many applications do not meet current digital requirements. However, it can be said that the banking sector has largely recovered due to the crisis teams formed by the banks and the development of solutions.

Due to the Covid-19 pandemic, however, the traditional understanding of banking has changed rapidly. Many banking activities, especially the customer-bank relationship, have changed. In particular, the fact that people are conducting their transactions via mobile applications and digital possibilities has taken this demand to a higher level. For this reason, it is very important for all banks to take decisive steps in digital transformation in order to survive in the world of the future. If all banks replace traditional applications with innovative and digital applications, there will be significant progress.

Changes After The Pandemic

Before the outbreak of the global pandemic process, there were many successful studies on the development of digital technologies and the integration of financial technologies. By incorporating these studies into banks’ activities and service areas, we can see that many banks have taken important steps in digital transformation.

It’s also hard to say that every bank behaves the same in terms of leadership. Although it is true to say that many banks are prepared for the pandemic process, the scope of the banks’ activities has narrowed significantly due to the emerging economic situation.Due to the significant difficulties in lending and providing other services, it was very difficult for banks to continue their development. In this sense, although it is a digitally prepared process, a situation has arisen where banking has lost power due to the loss of power in human activities and economic structure.

You may have received a lot of news that some banks have gone bankrupt after the pandemic. It can be said that one of the main reasons for the emergence of this situation is undoubtedly the pandemic process. The pandemic process required new paradigm shifts in many sectors, especially in banking. The aim is to prevent the effects of the economic crisis through new studies on the regulation of activities and services.

See you in the next post,

Anil UZUN