Second, thrift banks must embrace the change of mindset from a “brick and mortar” thinking to embracing the promise of digital transformation in providing crucial banking services to its clients. Moreover, smaller thrift banks can take advantage of these available digital technology to lower operational costs. The opportunities are limitless, but risks, business synergies and contribution to growth have to be carefully considered.
The COVID-19 pandemic has also accelerated the digitalization of financial services to support resilience. Innovative solutions could support the reopening of the economy while minimizing resurgence of the virus. Widely reliable and affordable access to internet will be critical to ensure business continuity under the new normal.