Several narratives have emerged from this pandemic. First has been the focus on digital transformation that essentially saved the economy during lockdowns. Another related theme is the need for legacy core banking systems to upgrade in ways that don’t protract disruptions.
Looking at the plight of migrant workers and those working abroad during the COVID event, PYMNTS November 2020 Smarter Payments Tracker® powered by Nium notes that, “Legacy FIs can struggle to provide affordable remittance services that meet migrant workers’ needs, and their dependency on correspondent banking networks can drive up service costs. Research suggests that mobile-based services could provide a more budget-friendly way of delivering cross-border transfers, and numerous FIs and nonfinancial firms are eager to provide such offerings to make themselves more compelling to customers.”