Make customer experience a strategic priority by accelerating digital self-service
Digital self-service can empower financial institutions to reduce costs, optimize efficiencies and open the door for meaningful innovations to better serve account holders.
The rise of self-service banking
The global pandemic has transformed every aspect of our world, driving dramatic shifts in the way we live, work, travel, socialize and spend. No-one has been left untouched. No industry has been unaffected.
Living through COVID-19 has radically changed how we bank. As lockdown closed branches, consumers turned to digital self-service to manage their finances. For some, this was the first time they had ventured away from traditional banking. For others, it was an opportunity to doubledown on digital solutions they were already familiar with.
As a result, consumers’ eyes have been opened to new ways of engaging with their finances. Digital banking was already on the rise, but the pandemic forced a dramatic increase in adoption. In November 2020, a report from the American Bankers Association revealed that, for the first time ever, account holders were using mobile apps more than any other channel to manage their finances.
In the last 18 months, financial institutions have had to quickly adapt their operating models to invest in digital-first solutions. Undoubtedly, the pace of change has exposed vulnerabilities for some providers. But it has also opened the door for meaningful innovations to better serve account holders, now and into the future.
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