3. Branches: Mere Signs of Desperation
China has paved the way. The coronacrisis has given an almighty boost to digitization and shown how difficult it is to make a profit from banking in branches with staff – if not used for representational purposes in the inner city. Recent years' attempts to repaint branches into meeting points with a living room atmosphere smack of desperation.
4. Suit and Tie: Hung Up for Good
The corona lockdown was a huge videoshow – people redefined themselves and adjusted their communication to the tools of Google Hangouts and Zoom Sessions. Who would have dreamt of wearing pinstripes and a tie for such a meeting?
Even chief executives saw fit to cast off the formal wear as finews.com illustrated in a portrait of 31 bank bosses. The wheel won't be turned back for sure – as even most of tomorrow's clients won't care less about suit and tie.
5. Business Trips: Bye bye
One important insight from the coronacrisis was that communication through videoconferencing works extremely well. Of course it won't be able to replace all physical meetings – therefore business travel is here to stay.
But: the blithe and sometimes absurd use of business trips is gone. It is far too expensive and unproductive – compared with an efficient video-call. Which means an end to the prolonged weekend trip to London, Paris or Amsterdam following a few days of business meetings. Airlines and hotels will feel the effects of it.
6. Cash: Will Soon Be Gone
No authority will ever commit to abolishing cash. But the trend is clear – in some countries more than in others. Sweden is a good example for this, with cash playing an ever smaller role in everyday life. The fact that large-denomination bills increasingly are in lesser demand is a further sign that many want to move away from cash. In this sense, the coronacrisis helped accelerate a trend and sound the bell to a new era.
Digital payments surged in recent months and if that wasn't enough, it was helped on by the decision of debit- and credit-card issuers to increase their limits. At the same time, Facebook took further steps to implement plans for its own currency, a sign that cash is in for an uncertain future. Even average retail banks have stopped receiving cash at all branches in Switzerland, as was reported by «Zürichsee Zeitung».
