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Jakarta Post

Why the ‘new normal’ is not so new for banks

  • Alwin Adityo

    Jakarta

Jakarta   /   Fri, August 7 2020   /  01:00 am
Paper carrier: A customer counts money she has just withdrawn at Bank Bukopin in Jakarta on June 30. The banking industry has encouraged cashless transactions to help curb the spread of COVID-19. (JP/Wendra Ajistyatama)

The current COVID-19 situation has encouraged individuals and businesses to embrace a new reality dubbed the “new normal” with many strings attached, which has necessitated a drastic transition to daily life. Almost all aspect of daily life has been altered with physical distancing measures meant to prevent the spread of the disease. This means what was once considered a daily chore or activity, such as commuting to our offices and visiting the mall, have now become less frequent routines. People now spend more time in video conference sessions and scrolling various e-commerce sites to look for the best deals and promotions to minimize physical interaction with others. The new normal is not something that is entirely foreign for the front-end business process of the financial services industry. A report by the Boston Consulting Group (BCG) dating back to 2012 has use...