The Press and Journal (Inverness, Highlands, and Islands)

Greater use of dig­i­tal ser­vices

- BY KEITH FIND­LAY Business · Banking · European Union · Spain · Cyprus · Italy · Germany · Poland · Hungary · Nordic countries · Netherlands

So­cial dis­tanc­ing has ac­cel­er­ated the use of dig­i­tal ser­vices of­fered by Europe’s largest banks, ac­cord­ing to Moody’s.

The credit rat­ings agency looked at data pub­lished and state­ments made by se­nior man­age­ment of Europe’s largest 35 banks.

Those with the best dig­i­tal of­fer­ings will have a com­pet­i­tive ad­van­tage and be bet­ter able to scale up their busi­nesses to sup­port rev­enue post Covid-19, Moody’s said.

So­cial dis­tanc­ing has also shown the ben­e­fits of work­ing re­motely and high­lighted po­ten­tial cost sav­ings that banks heav­ily re­liant on bricks

“Dis­tanc­ing has also shown the ben­e­fits of work­ing re­motely”

and mor­tar could achieve, it added.

But it also warned the ac­cel­er­ated adop­tion of dig­i­tal ser­vices will re­quire fur­ther in­vest­ments in IT in­fra­struc­ture and may in­crease cy­ber risk.

Across Europe, the high­est in­crease in dig­i­tal up­take was re­ported by banks op­er­at­ing in coun­tries with rel­a­tively low dig­i­tal bank­ing pen­e­tra­tion, such as Spain, Cyprus Italy, Ger­many, Poland and Hun­gary.

By con­trast, the pace of adop­tion of dig­i­tal ser­vices re­mained “broadly steady” in Nordic coun­tries and in the Nether­lands, where dig­i­tal pen­e­tra­tion is al­ready high.

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