The crown pandemic COVID-19 changed the way we live, interact and conduct business. Without a doubt its consequences are devastating. People, companies and businesses suffering all over the globe.
Many things have been done to provide help and aid to people and small businesses worldwide, and financial institutions was no exception.
Read in my article what steps and relief measures have been done to maintain the business continuity and accelerate the digital transformation worldwide.
Here is the number of relief measures have been done by Financial Regulators and Institutions in order to maintain the business, economy and public health,.
There were introduced many measures to protect public health with social distancing practicing and handwashing. The hygiene measures have been also reflected in the financial sector. To avoid cash handling the European Banking Authority (EBA) has recommended to member states to increase limits on contactless transactions from €25 to €50 without a PIN.
Following the EBA’s recommendations, many countries including the UK, Netherlands, Belgium, Germany, and Switzerland increased the limit to €50.
Other Financial institutions as Mastercard also increased the transaction amount without a PIN in territories as Africa, Australia, Canada, Europe, Latin America, and the Middle East.
COVID-19 has accelerated the adoption of digital payment solutions worldwide.
Contactless digital payments at the POS, point of sale, such as facial recognition, Quick Response (QR) codes or near-field communications (NFC), minimized the risk of virus spread.
The central bank also instructed financial institutions to introduce new campaigns, “to educate customers to use internet banking or mobile phones, limit use of currency notes and restrict branch visits.” In order to maintain public health and reduce the virus risks.
Electronic notarization online between signers and notaries.
In US many states created laws to accept electronic notarization online between signers and notaries in order to minimize the face-to-face contacts. Thus, appeared Remote Online Notarization (RON) that created digital and remote notarization process online possible for people. In RON the signer’s identity is verified and the documents are executed with auditable electronic signature technology.
As COVID-19 outbreak people may have limited or no access to printers and/or scanners and be unable to physically sign documents and witnessing signatures may be practically impossible. In order to avoid visits and meetings the e-signature practice started to be preferable option rather than a wet ink signature. In many countries the electronic signatures and digital signatures have the same legal status as wet-ink signatures.
We are in crisis, but coronavirus will not be with us for long and history teaches us that new opportunities are born from the deepest moments of it. Digital transformation makes life and all business processes easier and faster. What is your opinion about it? If you have your question, please write it below, I would be glad to answer your questions or to introduce your project to my team at Astorts Group to be evaluated.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the Ceo of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.