In the aftermath of COVID-19, cost efficiencies will be key decision drivers. Banks will need to efficiently deal with increasing non-performing assets and declining net interest margins. Simultaneously, public sector banks (PSBs) cannot afford to drop customer experience further and lose out to their digital counterparts. Banks needs to rethink their approach towards the total IT spend and should start considering the pay per use model especially after the PSB mergers. This will help them focus on their core business activities while their IT needs can be managed by experienced IT providers.