Customer expectations were changing even before the pandemic for anytime anywhere banking services. The pandemic has only served to accelerate the trend towards on-demand services. This will require agile business models, that banks on their own, may not be able to deliver particularly through legacy information, communication and technology (ICT) systems. Partnerships with new, nimble players will be imperative.
In this regard, banks will be akin to conductors in an orchestra bringing together many different players particularly fintechs to deliver what customers require. This will in turn require banks to scale up through additional capital injections, mergers and acquisitions. The third and final theme is on regulation that will require recalibration to fit in the new normal.