News & Trends

Banks push digital offerings, insurance amid corona scare

Banks push digital offerings, insurance amid corona scare

Banks push digital offerings, insurance amid corona scare

Banks push digital offerings, insurance amid corona scare – With the worldwide spread of the novel coronavirus pandemic, people are socially distancing themselves banks are promoting their digital offerings through various measures like widening their digital services to providing insurance cover to customers and waiving off charges on digital transactions, and even at an equivalent time, some banks are witnessing lower volumes on digital payments due to reduced consumer activity.

After the recent decline in transactions, (BoB) announced zero charges while ICICI Bank launched ‘ICICIStack’, which provides nearly 500 digital services on one platform to hide most banking requirements are within the categories of payments, loans, accounts, investment stacks, among others, are end-to-end digitized and need little or no manual intervention.

Axis Bank stated that the bank is additionally getting to launch a replacement set of digital products across liabilities, loans and fee products within the coming months. With the spread of the pandemic, the bank has been seeing a rise in insurance inquiries. “In light of the present events, we’ve launched customized insurance solutions for our customers over the last week. a number of these solutions cover the requirements of consumers within the wake of the coronavirus issue,” Shetty added.

Under the scheme of complimentary insurance for its Treasures customers in India DBS India has partnered with Bharti AXA and unrolled many hospitals and banks to provide covers up to 10 days of hospitalization, with a canopy of Rs 5,000 per day for a period of 30 days as this covers all medical conditions, including Covid-19, and will assist program for hospitalization and arrangement of emergency in India, including a guarantee of payments for a hassle-free medevac for NRIs with dependents within the country.

Even as banks push customers to transact digitally, the traffic on payments solutions may take successful precautions and steps after the global slowdown, there’s some decline in payment categories like entertainment, travel shopping, and dining,” said Deepak Sharma, chief digital officer, Kotak Mahindra Bank.

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