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Digital banking during the covid-19 pandemic: An opinion of a banking professional

For most people, the Corona Virus pandemic, otherwise known as Covid-19 came out of nowhere. Maybe a small percentage of people saw how serious it could be from the beginning, but it certainly took a lot of people by surprise and has caused devastation to some of the world’s largest industries.

However, some sectors have seen the opposite effect. One area where growth has been substantial is digital banking, or otherwise known as e-money.

Andrew Anastasiou, a Banking Professional and Founder of WireWallet, an online banking platform, spoke with us recently about how individuals and businesses have flocked to online banking as movement restrictions caused immense inconvenience to traditional banking systems.

After being asked why digital banking has grown, Andrew Anastasiou explained to us that individuals and businesses are simply waking up to the fact that Banks, in general, are not there to support the customer but to support the ultimate growth of the Bank, which in turn means keeping costs down and overheads low. Therefore, with the rise in restrictions due to the Covid-19 outbreak, the need for digital banking accelerated exponentially as customers had no real choice but to go “digital” if they wanted to maintain any level of normality in their daily lives. Andrew Anastasiou also told us that the costs of sending and receiving money through a digital Bank is significantly less, as usually you have access to global currencies with much lower exchange rates as well as being able to send international payments for around 60% of the cost of sending from a standard high street or retail Bank.

We also asked Andrew Anastasiou where he was planning to go from here as it seems he has a lot of projects related to banking and payments at the moment. Unfortunately, he was unable to disclose too much at this present time, although we hope to have him back soon to learn more about him and how he is pushing to change the banking and payments landscape.