As mobile and online banking methods arise due to the Pandemic, the traditional ways of banking have not fallen to the wayside according to CEO and General Manager of Quintet Capital, Eduardo Sonoda who is based in Geneva, Switzerland since 2018. Prior to this, he served as CEO and General Manager of Equilibrium Wealth Advisory SA, which was Quintet’s predecessor.
Eduardo Sonoda believes that newer, more innovative online banking apps are definitely appealing and more convenient than traveling to a more traditional bank, especially with stay-at-home measures taking place since 2019, but Eduardo Sonoda says that people continue to rely on traditional banks for their financial needs.
What changes can we see in traditional banking in the future as the pandemic continues? Banking experts agree that it is important for employees to make necessary decisions that they were not responsible for prior to the pandemic. Banks have made changes concerning virtual employment, redesigning their workforce by allowing them additional opportunities for strategic decision making. Eduardo Sonoda agrees that team problem-solving skills must be used as the need arises.
What is the outlook for traditional banks in the future? Banks have remained resilient despite so many of them going virtual. The negative impacts caused by the pandemic were offset by healthy levels of capital before the COVID crisis. Although many customers are utilizing non-brick and mortar means of banking such as online banking for their banking needs, continued growth is seen in traditional products.
As time goes on and the COVID crisis reappears, both this year’s and next year’s projections are beginning to have a negative impact. Although the stimulus programs have helped, over 100 million people are still living at or below the poverty level. Banks must continue to make necessary changes to serve their communities.