Prior to the pandemic, the future of banking seemed clear. Digital would eventually lead the way, but for traditional banking many customers continued to prefer the branch experience. Whatever changes banks could expect in the future, it required a slow, methodical approach to appease every customer’s preferred method.
The pandemic changed that notion of when the digital revolution would take hold. Nearly, overnight, banking had to react to trends that were expected to play out over the next decade in order to cater to lockdown orders and social distancing. Now, as the potential for an end to the pandemic nears, it’s important to wonder what tactics, practices and offerings will stick and what will revert back to once was?
Your Customers Have Grown Comfortable Online
In the pre-pandemic world, banks could methodically move towards digital offerings because older customers simply preferred the face-to-face experience. Nearly two-thirds of those over 50 were hesitant to use a smartphone for financial tasks, according to a 2019 survey. By April 2020, in a survey of those over 60 found that 77% had conducted a financial transaction online.
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