3 retail banking trends the industry still isn’t getting right

Does this sound familiar? Spending on digital transformation without direction or feedback, ignoring the ongoing effects of the Great Resignation, and not giving digital onboarding sufficient focus, leading to growing abandonment rates. Banks and credit unions are running out of time.

As much as traditional financial institutions have been changing their methods and adapting to new developments, there’s a good deal that they still need to do, and some unmet challenges are reaching the critical point.

After speaking with dozens of industry executives at face-to-face and virtual events about digital transformation, customer experience and related matters, I’ve analyzed feedback and opinions about obstacles and challenges. Three major issues continue to stand out.

Spending on the Wrong Digital Transformation Tools

In the third quarter of 2021 ABBYY commissioned a survey, Digital Strategies in Financial Services, with Gatepoint Research. The study asked senior decision makers, including chief experience officers, vice presidents, and directors at banks and other financial services institutions about the benefits their institutions gained from spending on automation.

 

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