Even as the COVID-19 pandemic exacts a bitter toll on the economy, it is catalysing digital transformation across business models, channels and touch points. Underlying this shift is the need for greater organisational agility as well as closer ties with customers in a changing world order. The process of digital transformation, however, is complex and long-drawn-out for businesses as well as consumers.
In the last few years, Banking as an industry has seen a massive move towards digitization. While going digital is not new to the industry, the pandemic has significantly accelerated the adoption of digital technologies, with far-reaching implications for the future of not only the banking sector, but also the larger financial ecosystem.
Surveys observed rapid increase in customer reluctance to visit branches as they are inclined to try out newer tools to meet their banking needs. Customers now expect banks to maximize digital interactions and come up with digital alternatives for their day to day banking needs as they are now more open to trying out a new app than they were before the Covid-19 pandemic. Every bank is working towards adopting new technologies such as Artificial Intelligence (AI), Machine Learning (ML), Cloud, Internet of Things (IOT), Human Computer Interface (HCI), Blockchain among others.to keep meeting the expectations of their customers and providing them with satisfactory experiences in this era.
It will be more critical than ever to keep the focus on deeper customer engagement with technology investments and digital transformation efforts. Consumers will prefer banks that align with their environmental and social values in a more purposeful age, where local and cooperative principles align to the matters of global responsibility.