Are the banks ready to go cashless: COVID-19 has sped up our transition to a cashless society

This article was originally published on “Global Banking And Finance Review.” The feature opens a discussion about the readiness of banks to embrace cashless strategies in a reality struck by the COVID-19 pandemic. It also shares some thoughts on how to overcome the harmful global impact on overall business and human lives. Almost every business and millions of individuals have been severely affected. Banks and Insurance companies also have been hit by the “corona crisis” and now are actively looking for innovative ways for turnarounds, enabled by technology and digitalization.

Many experts believe that it’s never been a better time for disruptive changes in the payment industry. Now is the time to go cashless and lots of new payment services to be adopted. Do business and end-users ready to engage with all disruptive innovations that yet to come?

Read the expert opinion of Fabrice Gouttebroze, Sirma UK. He is sharing thoughts on what is expected to change, the ongoing transformations in the industry, and payment technologies. We all agree the COVID-19 pandemic is the most potent driving force at the moment, that can change the traditional business models not only in the financial industry but also the overall way we do our business.

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