AUTOMATED PAYMENTS POST-COVID-19
AUTOMATION
42 would still primarily use physical bank branches to complete international transfers . “ Now , there ’ s been a shift towards digital adoption , especially because people are not able to travel as much as before .”
McKinsey summarised this point of view in its article ‘ Accelerating winds of change in global payments ’: “ The industry has made a leap towards digital and automated payments and has covered the ground of almost 10 years in six months .” Ambrose adds that the global lockdown has initiated a significant shift towards digital crossborder payments , something which is invoking noticeable repercussions throughout the industry : “ This shift in consumer behaviour will trigger an acceleration in investment in digitisation and automation of payments from both incumbents and disruptors alike .”
AUTOMATED PAYMENTS POST-COVID-19
Although this may suggest that automated payments are gaining significant momentum , both Ambrose and Menager agree that , on the contrary ,
DECEMBER 2020