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March 17, 2020

Coronavirus: banks nudge customers towards online banking

By Mohamed Dabo

Banks are increasingly encouraging the use of their online and mobile banking, as more customers are seeking ways to avoid public places amid the coronavirus pandemic.

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Several banks have sent reminders to customers touting their digital banking facilities and urging customers to use them.

“We strongly encourage you to use Capital One’s digital tools and other resources for self-service banking and 24/7 account access,” Captial One Financial Corp wrote to customers in an email, adding that representatives were always available.

JPMorgan Chase & Co and Citigroup are among the large banks that have appealed to the customers to avail themselves more of their digital channels.

“We want to make sure our clients know they can bank, invest, and make payments from wherever they are, particularly if they’re not able to come to a branch,” Chase said in a in a statement.

The reminders are also meant to ease the volume of calls at call centres as more people try do handle their banking needs remotely. Call wait time may be longer than usual, the banks warned.

Encouraging digital payments

Earlier this week, Reserve Bank of India (RBI) governor, Shaktikanta Das, asked customers to use digital banking facilities as far as possible.

“In the context of COVID 19, RBI and the government together are giving emphasis on encouraging digital payments. And over a period of time, various measures have already been taken to establish safe, secure, stable and affordable retail payment system such as the National Electronic Fund Transfer (NEFT) and the Immediate Payment Service (IMPS),” Das said.

He was speaking at a press briefing where he announced various measures to tackle the impact of the pandemic on Indian businesses and the economy.

As we go to press, 7,182 people have died worldwide from the coronavirus. 96,752 people are currently infected.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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