Banks have an ever-increasing responsibility to serve their customers during these unprecedented times. It begins with a focused strategy.
The events of the last two years have changed forever the way banks will conduct business. In what was already an industry facing challenges with customers and clients wanting a simpler, more tech-friendly way of doing business, life under pandemic conditions only amplified these desires.
One thing is now certain across the industry: Banks of all sizes must become digital enterprises—not only in terms of their customer interactions but also in digitizing and modernizing all facets of their operations, products, and experiences. Banks also must rethink how they plan to achieve growth targets through the lens of “digital”—leveraging data-driven sales and creating new relationship management practices that are better able to predict and meet client needs.
Banks already demonstrated their ability to adapt to this new environment, perhaps more nimbly than previously thought. We’ve witnessed banks pivot to respond to the PPP and equip remote workforces in a matter of days. Yet, while the trend toward digital has remain unchanged, the clip at which banks must become digital is what has revised our “playbook.”
The following perspectives were written by our banking team based on what we’ve seen in the market, our conversations with bank clients, what we expect the following months and years to look like, and how we believe banks can best serve their customers. It begins with strategy suited for our increasingly digital world of business and work, followed by an understanding and implementation of modern methodologies for meeting and exceeding growth targets, and finally how to be more of a partner than simply an isolated transaction to your customers.
The following perspectives were written by our banking team based on what we’ve seen in the market, our conversations with bank clients, what we expect the following months and years to look like, and how we believe banks can best serve their customers. It begins with an organized and impactful strategy—no matter where you are on your journey—followed by an understanding and implementation of new tech capabilities, and finally how to be more of a partner than simply an isolated transaction to your customers.
- Gil Mermelstein, Senior Managing Director, Financial Services
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