Prior to the COVID-19 crisis, the banking industry was in a place of strength with unprecedented prosperity. In fact, many financial institutions were much more fortified than any other time after the Great Recession of 2008. With the pandemic, and the associated consequences of ensuring health and safety for all, banking CIOs have in fact accelerated digital transformation. This time in our history has shown us how critical digitization, integration, and speed can be. With so many unknowns, it might not seem like the right time for a company-wide refresh, but a crisis is actually the perfect time to drive change - especially if the new normal is looking very different. In previous decades, retail banking locations were seen as the first experience customers had with the brand. Further, many banking executives viewed their in-person locations as a means for connecting with customers and building trust. Today, physical branches are shutting down en masse - not just due to the COVID-19 crisis but also because consumers were already well-versed in utilizing digital banking to maintain their always-connected and on-the-go lifestyles. As banking CIOs search for the right technologies to drive change, and sustain their businesses even after the pandemic, the most important things to focus on right now are searching for the opportunities to create new services to enhance the brand’s overall value in the digital era.
Accelerate everything
The outcome of the pandemic was a shock to everyone. Nonetheless, the bottom line for banking CIOs is to become even more customer-oriented with regard to innovation. Here are several good questions to ask: How will this digital strategy improve the customer experience post-COVID? How have customer expectations changed? How do mandates, and quarantines, affect the banking experience? Not to mention, the world has gone through a massive remote working experience that may change the future of work forever from this point forward. CIO priorities are shifting in response, and technologies that enhance the digital banking experience are front and center. In addition, massive unemployment must be addressed. Consumers who do get new jobs, in the near future, will also search for banking brands who can meet their diverse needs. As a result, it is crucial to offer reliable digital options with easy sign up processes. This is the key to acquiring new customers even after the crisis subsides.
