As the rise of Coronavirus challenges traditional banking habits and the community spread of the coronavirus (COVID-19) proliferates, alternatives to in-person banking and physical exchanges. Banks, consumers, and governments are weighing the risks of in-person banking, and opting for digital channels when they have the choice.

Current official recommendations from the Centres for Disease Control and Prevention in view of more cases appearing inevitably across the U.S. and the world at large, physical banking will look less appealing for everyone, not just the most vulnerable populations.

With Coronavirus fuelling the movement towards digital banking, highlighting the relevance of E-KYC, Biometric Authentication, Remote client verification and facial recognition solutions in creating progressive customer journeys with digital onboarding amid the global pandemic.

Even after the coronavirus passes, digital solutions for banks will have an enduring relevance. The growing popularity of neobanks and FinTech’s are a testament to that. Traditional banks that choose to learn and take lessons from digital financial institutions will find themselves more prepared to compete with challenger banks both during the coronavirus pandemic and long after it’s over.