Remote or hybrid banking?
During the pandemic people have got used to remote banking and cashless payment using cards and many reportedly intend to carry on with these methods.
However, there are still some circumstances in which a face-to-face meeting with the bank or using cash are important.
According to research by one card provider as many as 30% of respondents were uncertain about using remote payment methods.
This is not only a question of a lack of digital skills among the older generation, there is also the vulnerability of fraud to consider.
But it is also the case that for many small businesses that need physical access to a bank in their locality, either because their business receives cash payment for goods or services or because they need to manage their cash flow, credit lines and other essential business processes in consultation with their bank.
In these cases, a face to face meeting with a bank officer they know and who knows them may be essential.
Ultimately, while there had been a significant switch to digital banking, there are still going to be times when in-person transactions and cash are going to be needed.
The solution is hybrid banking.