The COVID-19 pandemic and its subsequent shelter-in-place restrictions dramatically accelerated the digital transition for bank customers globally.
What was once expected to be a multi-year process has now taken place in months or even weeks. And now that customers have made the transition, many say they may never visit a bank branch again. If we project this trend forward into the future, banks will need to find new ways to remain relevant to their customers, even as customers come to believe they need banks less.
In conjunction with the jump to digital banking, many customers are also exploring an almost dizzying array of interpersonal payment apps, numerous mobile financial platforms, and various digital currencies. The savviest banks will use this unexpected slowdown to pivot toward strategies and services that will offer value to their customers as the strains of the pandemic begin to ease.
But in which direction do you pivot? And will all of your customers come along with you through the transition? Since Hero Digital’s inception, we’ve guided banks with their digital transformation journeys. Our customer research into pandemic behavior has revealed insights into how banks and credit unions can assess their customers’ needs and chart a course for the post-pandemic future.