A pandemic was enough to expose the fundamental flaws within the legacy banking systems. Digital banking might not be new to financial institutions and consumers, but the trial and adoption rate was severely impacted by the COVID-19 crisis with the implementation of social distancing. As personnel engagement became obsolete, consumers were forced to resort to digital banking and payment services, a behavior that will persist post-pandemic, bringing a transformation within the industry. But are the institutions ready to cater to the ‘new normal’?
We are dealing with a health crisis that has morphed into a global economic crisis, owing to business closures around the world due to COVID-19 lockdowns. Commercial banks are in a whirlwind trying to meet up to the increasing requirements of small and mid-level businesses while scaling their operations and capacity. HashCash is giving financial institutions a chance to turn this adversity into a remarkable opportunity for transformation.
To get over and beyond this COVID-19 crisis and fortify their systems to be better prepared for the future, institutions need to tap into the digital possibilities of banking, providing businesses and self with the best relief. HashCash helps you to adjust to the changing economy.
In the coming days, there will be a surge in demand for loans, repayment and interest adjustments, credit requests, line extensions, etc. To maintain social distancing standards, institutions need to ditch physical signatures and repeated interaction. The introduction of digitized scalable systems enables consumers to apply for loans, conduct credit, and identity verification, draw funds, and make necessary adjustments to the payment options on their own, without any personnel involvement.
The existing digital system gets integrated with advanced automation solutions to eliminate the need for consumers to reach out to the banks physically. HashCash makes it possible with a unique combination of electronic customer onboarding, online identity verification, and document submission, and e-signature tools.
When the lockdown gets lifted and revoked, will consumers be still comfortable or feel safe enough to visit the branches? Going back to cash, cheques, or point of sale processes and systems that demand tactile engagement may not be worth the risk. Considering that the virus is here to stay, how can retail banking improvise?
The key to this is to make a pivotal transformation into complete digitization and automation of legacy processes, empowering both banks and consumers with a seamless experience while maintaining minimum personnel engagement.
With digital transformation comes the need to adopt advanced new-age technologies for streamlined banking for both the institutions and the consumers. HashCash offers agile and scalable digital technologies to cater to the pandemic that influenced consumer needs. Advanced IT solutions allow banks to reduce the cost of processing and storage, making them better at handling surges in queries, while adding novel digital features quickly.
With physical banking services losing relevance, it is time to ramp up the digital customer experience. HashCash prioritizes digital distribution channels for simple yet customer-oriented banking experiences. The creation of scalable applications powered by the world in class automated solutions enables customer onboarding and product origination. The aim is to bridge the gap between financial and digital literacy for consumers with simplified user experiences.
Consumers are soon to grow out of their need to visit physical branches, which entails the banks to move their focus to digital channels to increase engagement. HashCash allows institutions to scale up from transactional digital apps to more advanced ones that enable deeper consumer engagement. The use of sophisticated data analytics along with real-time campaign management, allows banks to gain consumer insight. Acting on the same generates both engagement and revenue for financial institutions.
The payment ecosystem has been on a digital transition mode for some time now. COVID-19 just gave it the final push that has accelerated the adoption process, bringing down the demand of physical currencies to a minimum. Financial institutions need to be prepared for this tectonic shift of consumer behavior and the future repercussions that follow.
Payments processing needs to be online, fast, and cost-effective. HashCash's advanced digital solutions streamline payment processing for enhanced user experience and ensure operational ease for financial institutions.
Although online payment architecture is already in place within the financial institutions, it needs further streamlining, which can be addressed by the Payments-as-a-Service model. Banks can address new digital imperatives and accelerate digital transformation at a reduced IT budget through PaaS.
HashCash solutions integrate unified commerce processing ability, payment servicing, merchant management, risk management, compliance and reconciliation services, API management, and more within a single platform. It not only makes it easy for financial institutions to handle payment processing but makes more a seamless customer experience as well.