In the last few years, banking as an industry did a great deal of talking about ‘becoming digital.” But according to The Financial Brand, “less than 15% of banks considered themselves digital transformation leaders.”
When the coronavirus pandemic hit, everything changed overnight. Banks and financial institutions were forced into providing customers digital banking alternatives and for their employees as well.
The traditional customer experience was replaced entirely with a digital–first, highly personalized, self–serviced customer–focused banking.
As a matter of fact, even before the pandemic hit, millennials, in particular, being a tech-savvy generation, were moving more frequently to digital-only banks for convenience and superior customer experience.
But, post-pandemic, with lockdowns and social distancing measures, the relationship between banks and their customers went downhill, in turn shoving many customers to digital-only banks.
Digital-only banks offer some apparent advantages to customers over traditional institutions, making them irresistible to the new banking experience with newer product offerings and services.
That said, slowly but surely, banks and financial institutions are adapting to the new normal to stay relevant and competitive.
Lastly, in response to the crisis, most banks and financial institutions need to reset their customer agenda to meet urgent needs meaningfully for the new normal and the future.
Download our infographic below and discover how the banking customer journey has transformed post the pandemic and what technologies you should invest in for the future.