Pandemic and lockdowns have made remote interaction with clients and employees a sudden necessity
Drastic advances in technology, Covid-19 and increasingly demanding customer expectations have created the perfect climate for banks to be bolder in their approach to digital transformation.
The digital acceleration will have a lasting effect on the industry, forcing most banks to rethink the robustness and speed at which their digital strategies need to be implemented. “One day” has become “today” for many of those organisations. The result could be agile organisations capable of delivering more projects and moving from project phase to production much faster. Digital transformation clearly makes a big difference in cost and efficiency.
Sustaining customer intimacy while promoting highly personalised digital delivery of products and services, as well as building product definitions around the entire customer experience, are crucial. Customers are expecting their bank to treat them as a segment of one. They want banks to be able to customise products and offerings for their unique requirements.
Some banks may be tempted to pause or even reverse digital transformation efforts to help reduce costs in a challenging environment, but this could prove short-sighted and make them laggards as economies recover and competitors increase digital investment.With staff costs making up a large percentage of operational spend and several banks having committed to no retrenchments in 2020, cost management and the implementation of technology is even more important.
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