Last month has seen unprecedented change — for everyone. It seems like we can’t get through an hour without seeing a new impact from COVID-19. So to help sift through all the noise, I’ve highlighted some of the top stories on digital banking, many of which making the case that digital services have become more important than ever.
Fintech was born out of the credit crisis – what will be born from COVID-19?
In our industry, we’ve seen a lot of challenges arise from COVID-19 — but what about the opportunities? In a recent survey, it was found that 78% of industry execs believe financial institutions will see increased spending in innovation and digital , growing demand for new channels, and more customer acquisition & servicing models .
Read the bank innovation article.
COVID-19 sees huge jump in app usage
It’s no secret that COVID-19 is changing the way we interact, live, work, and take care of our finances. Even with Europe in lockdown, banking hasn’t stopped. The deVere Group published research that shows app usage rose by 72% —a trend we will see globally. The era of ‘convenient tech’ is in full flow and those that were ready for it are reaping the benefits.
As the Forbes article points out – this is ‘yet another indication that the long-term legacy of the coronavirus will be an increasingly digital and online society’.
The gap is growing between those that provide truly personalized experiences and those that don’t. If banks want to stay relevant with today’s competition, they need to follow the Netflix model of building experiences around individuals.
Read on about Netflix inspired banking
Leadership in the time of coronavirus: COVID-19 response and implications for banks
True leadership has never been more apparent. Now is the time to make bold choices — not just to help the business, but for the entire community. Take a look at some of the precautionary steps McKinsey has laid out for banks during this time.
Read the full McKinsey Article – Leadership in the time of coronavirus
How Digital Helps In Uncertain Times
We have put together a new Backbase webinar series to help digital banking transformation teams cope during the global crisis. Check out the first episode: How Digital Helps In Uncertain Times where I exchange views with Jürgen Pulm (CEO RBS Services Switzerland & CDIO Privat Banking Natwest Group), Jeff Sinot (EVP Vantage Bank Texas) and Tim Rutten (SVP Strategy at Backbase).