COVID 19 has caused bank customers to shift to online banking
after being locked out of closed branches or being too fearful to venture out to banks locations still open.
Bank customers are now using technology that was available prior to the pandemic but never used.
Basic work of the back is to ensure they can serve clients and run their businesses digitally
Banks are making more use of artificial intelligence such as cognitive chatbots in trading businesses.
Digital banking has largely eradicated the need to work from physical documents
No more printing – Number of people who require printers at home is “very small”
Pandemic has prompted banks to overhaul the way they handle compliance & investigations.
Pandemic has brought on progress in the security conscious banking business.
Video conferencing technology that has become ubiquitous in banking & across other industries
Paved the way for a broader revolution in how banking is done.
The big win would be locking in these new behaviors after the crisis.
People’s experience of the new technology has been so good that “there’s no way you walk away from that when this is over”.
Growing use of the centralized customer databases by the banks
“Exiled from their comfort zones, people have become “entirely dependent” on new tools and ways of working.”–Rob Rooney, head of technology, operations at Morgan Stanley
“We’ve been saying forever that if you don’t convert to digital, you’re going to be out of business in a couple of years.” -David Donovan, Heads NA Financial services practices ,Publicis Sapient.
SOURCES & SITES:
Banks determined to lock in coronavirus technology changes – https://www.ft.com/content/04e34436-907b-11ea-bc44-dbf6756c871a