Customer expectations have changed. As a result of COVID, lenders had to quickly deliver a virtual experience that matched the high-quality customer service banks and credit unions are known for. Borrowers, now comfortable with a new and more efficient way of banking, no longer want to return to the old ways of doing things. These new expectations are pushing banks to continue their digital transformations across all aspects of their institutions.
In this month’s news roundup, we take a look at five recent articles that underline how banks and credit unions are tackling digital transformation with a new sense of urgency, as American businesses transition into the post-pandemic world.
5 Articles Highlight How Banks and Credit Unions are Tackling Digital Transformation in June
FinTech lessons banks need to learn to be digital-first by David Murphy, IBS Intelligence
It’s no secret that the pandemic identified many pain points and opportunities for growth within traditional business banking. With fintech competition on the rise, it was a sink-or-swim moment for financial institutions. In research conducted by Publicis Sapient, it was reported that 81 percent of banks responded that the pandemic increased the urgency for improving their digital skills and capabilities, and 70 percent reported that it highlighted weaknesses in their customer experience. Although the pandemic is coming to an end, the drive towards digital transformation in business banking could not be moving at a faster pace. Read more about how banks can continue to stay competitive in the new digital-first world in this article.
Customer Experience Trends in Financial Services for 2021 by Craig Guillot, The Financial Brand
In a study conducted by Microsoft, it was found that three-quarters of financial organizations reported that at least 50 percent of their customers opted for a digital experience instead of in person since the beginning of the pandemic. This rapid shift caused banks to look to digital-first alternatives and alter the traditional banking customer experience to a self service one. In this article, The Financial Brand explores digital transformation in banking and changes in customer experience trends.
How community banks can thrive in a post pandemic world by Helene Panzarino, Finextra
As banks and credit unions go through a wave of digital transformation, one consistent trend across all institutions is their commitment to the service they provide their customers. This kind of white-glove service will become a key differentiator, as fintechs will find it difficult to replicate this type of customer experience. Acknowledging and capitalizing on this advantage, while also shifting to a digital-first approach, is the next step for community institutions as they look towards growth in this post-pandemic environment. Read more about how community banks can leverage technology and their unique ability to build trusting relationships with customers, in this article by Fixextra.
Digital banking took off during the pandemic. Banks looking to capitalize on the trend cool vs creepy when leveraging customer data by Anita Ramaswamy, Business Insider
Insider Intelligence’s Mobile Banking Competitive Edge Study reported that 89 percent of banking customers now use mobile banking tools. This further underscores the importance of a digital-first approach in banking. Carter Johnson, finance reporter at Insider, leads a panel discussion with Michael Tang, Partner and Head of Global Digital Transformation at Deloitte and David Tyrie, Head of Digital at Bank of America, on “Digital Transformation in Banking”. Gather insights from these three industry thought leaders on how banks adapted to digital during the pandemic and the outlook for banks as they now transition to a post-pandemic future.
How eSignature Adds Value to the Financial Sector by Borya Shakhnovich, PaymentsJournal
The pandemic has forced banks and credit unions to reevaluate old processes including the way they prepare and deliver loan documents to customers. Throughout the pandemic, there was a major shift to the use of eSignature integration. Many lenders utilized third-party platforms to provide customers with a safe and efficient experience. Learn more about the rise of eSignature and how banks can utilize it to streamline their lending process and gain important efficiencies.