In the banking industry, there is little question that COVID-19 forced digital adoption at an unparalleled rate. Long lead times for preplanned digital transformations were suddenly condensed into a matter of months as shut-downs were ordered and people were forced online to do many of the daily tasks, including banking, that they were used to doing in person. In fact, by April 2020, 35% of Americans had increased their usage of online banking tools.1
As the promise of recovery peeks over the horizon, we can now step back and appreciate the staggering rate of digital adoption — and the permanent change it has cemented in the banking culture. One report stated that nearly 90% of consumers plan to continue using digital products and tools after the pandemic is behind us.2
Given the high rate of digital adoption and the rate at which banks needed to digitally transform, the question left unanswered for many is: has your bank made the right bets on technology?
Three questions to ask when evaluating your tech investments and the challenges ahead.
To ensure your bank's place in the future of finance, COVID Left Banks Scrambling for Digital Solutions. Now, They Need to Evaluate Those Investments, by, Rick Hall, our Managing Director of Banking and Financial Services, highlights three questions to ask when deciding whether your tech investments are designed to meet the challenges ahead.
- Did these tech investments drive long-term operational value (e.g., better customer experience, improved financial performance, etc.)?
- Did your tech investments enable you to fulfill the real needs of financial customers?
- Have you built resilience into your banking systems in anticipation of future crises?
The full article, published in International Banker goes into depth on why these questions are the questions you should be asking.
1. American Banker: https://www.americanbanker.com/news/digital-banking-is-surging-during-the-pandemic-will-it-last
2. Bank Administration Institute (BAI) survey: https://www.bai.org/banking-strategies/article-detail/covid-19-pushes-digital-banking-adoption-to-the-tipping-point/
Are you a leader struggling with figuring out which programs and tactics you should be using to help grow your bank or financial institution?
Let us know your story in the comments or, better yet, connect with us to request a free consultation with Rick and our team to discuss your upcoming project.
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