(Problem Statement):

By considering the current state of global integrated ecosystem and bank business framework, how has Covid19, and the MCO has changed the banking and finance environment and the future of financial system in Malaysia. How would the internal and external ecosystem be affected by the changes and what areas (products, services, channels, etc) would be recommended for new enhancement? How would all these discussions and recommendations be helpful in customer retention & engagement as well as tapping into opportunities for new customer?

Guide:

COVID-19s impact on individuals, communities, and organizations is rapidly evolving. Central banks around the world, meanwhile, have already proactively intervened to calm markets and show commitment to using all possible measures. Even though banks are not being hit by this novel coronavirus as directly as other retail institutions, they are at the forefront of public attention. Banks sit at the heart of the economy and provide funding to corporates and individuals. Their stability is crucial to keep the system up and running.

If the COVID-19 crisis lasts longer than one or two months, and MCO being extended to few more cycles, this option will increasingly become untenable. Even though banks came into the coronavirus pandemic much stronger than they went into the global financial crisis, will their ecosystem internally and externally cope with the pressure? Thus, the future of banking will be uncertain and banks might come with different strategies on affected areas by lobbying on the emerged trends that such as the gig economy, FinTeh, etc.

Even though hit by pandemic, in this digital banking environment, there is no reason why financial services organizations should be limited to offering only traditional core banking services and relying on traditional trading platform. In fact, the future of banking will most definitely include the offer of wide spread of integrated new products and services from a variety of providers, traded on differentiated accessible channels, and in full capability of retaining existing as well as creating new customers. These would help various units, such as the consumers, SMEs, business owners, partners, and many more, to simplify their daily trading and banking, as well as their daily life without leaving a primary financial institutions portal or their mobile apps all on a mobile device committing to new banking models post-crisis!

Question

considering current pandemic attacked of COVID19 and MCO, in a report, provide your view to Financial Institutions on:

1. Channels (post pandemic) exploring other new channels, or strategies to strengthen current channels.