Digital banking amid covid-19: Balancing urgent priorities, long-term ambition and industry-wide evolution
Placing limitations on physical interaction, covid-19 left banks with little choice but to rapidly adopt digital solutions to fulfill customer needs. Though the transition was far from seamless, digital banking stats are up across the board. McKinsey, a consultancy, conservatively estimates that covid-19 accelerated the move to digital banking by at least two years, while Canadian firm Scotiabank claims 60% of their customers will not return to physical branches after the coronavirus recedes. From mobile banking to digital consultations, robo-advisors to automated customer-service platforms, there is little need for a customer to rely on physical branches the way they once did. A return to traditional, in-person banking is improbable.
The demand for digital and personalised experience improvment is pressing even for the most forward-looking firms that already had a well-functioning digital banking ecosystem in place before the pandemic. Where to start?
Join The Economist Events for Digital banking amid covid-19, a new virtual roundtable discussion, to predict how financial services will evolve, the role that digitisation must play in financial services beyond covid 19, and how financial firms should prioritise limited budgets and resources.