2020 has 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, shutdowns in mid-March only further pushed that trend toward a greater digital experience. Customer expectations and needs shifted overnight, putting the responsibility on banks to best serve them safely and effectively at a time when many needed them more than ever.
That responsibility also created an opportunity. And banks have responded well. We’ve witnessed banks pivot to respond to the PPP and equip remote workforces. These initial reactions to the new realities and inevitable trends of 2020 will help set the course for positive results that not only help customers in the short term but also set themselves and their clients up for long-term success.
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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