COVID-19: Entailing Low-touch Practices in Agency Banking

In the unprecedented times of COVID-19, a completely different set of consumer behaviours has been witnessed by markets globally. Understanding new behaviours and coping with the new mindsets and expectations of the consumers is the top concern in every industry. The contagious disease has caused mayhem in both our personal as well as professional lives leading to massive losses in almost every business sector across the world. The banking sector has not been spared of these unparalleled losses. As per a report by OCED, the overall losses in the banking sector can exceed the 2008 global financial crisis by 60%.

With such a major impact on the banking sector, clearly agency banking, which is a crucial method of financial inclusion for developing countries has not been spared from the wrath of the pandemic. Agents of financial institutions across the globe are facing the effect of the pandemic and are experiencing lowered incomes and transactions. Also, as the banks and financial institutions have been working remotely, the support agents are getting is very limited.