COVID-19 is undoubtedly accelerating changes the banking and finance industry was already embracing. Our latest eBook, “Banking and COVID-19: Adaptability is the New Data,” examines the current context, customer behavior, and technologies financial institutions are looking into to support activities like onboarding, processing bills and cards, and more.
Explore more by downloading our eBook here
According to the World Economic Forum, COVID-19 is accelerating demands like seamless, hyper-personalized experiences. This shift is also reflected in increasing pressures for banks to increase their return on equities and decrease cost-income rations, while also calling for more efficient operations. Systems such as Open Banking, which allows third party applications to access bank accounts, were already disrupting the industry, splitting the value chain into distribution and manufacturing. At the same time, competition had increased from entities like Amazon, Facebook, Google, and Apple.
Amid COVID-19, consumers’ behavior is shifting, causing them to seek out new tools and technologies. WEF suggests that three trends will shape the future of banking:
Financial institutions across the world are reacting to an environment of uncertainty and increasingly turbulent evolution, brought on in part by COVID-19, where the real connection with consumers and responsiveness is being challenged.
In many cases, ingrained culture is still a barrier to the changes needed to make the market more digital. Companies across all sectors not only need to articulate a vision for a future of increasing customer expectations, greater competition, new delivery channels and advancing technology, but also must provide the resources to become digital financial technology organizations.
There has never been a greater need for transformational change, rather than simply relying upon incremental adjustments to the same business model. This need begs the question: are the main sectors of the current economy, such as banking and finance, moving fast enough to meet consumer needs and compete against highly agile competition?
Are you curious about banking’s changing landscape amid COVID-19? We invite you to download our eBook, “Banking and COVID-19: Adaptability is the New Data,” to gain a new perspective on the intersection of COVID-19 and banking.
See more related content
Overcome your business challenges during the COVID-19 crisis
Hi. Need help?