2020 has delivered a significant digital wake-up call for mid-sized retail, commercial and business banks. They have been positioned at the epicenter of COVID-19’s economic storm, helping businesses and consumers to navigate the financial fallout while stabilizing their business operations to ensure service continuity.
Yet many financial institutions are still struggling with the legacy of manual processes, disconnected point-to-point solutions and siloed departments, resulting in higher headcounts and a sub-par customer experience.
If mid-sized financial institutions wish to emerge stronger from the crisis, they must digitalize their core banking offerings — including account opening — and automate manual processes such as periodic know-your-customer (KYC) reviews.
Before the crisis, there was significant interest in digital-first banking, blockchain technology, automation and the concept of digital banking profiles. As banks and credit unions navigate the new normal, it is critical to evaluate where their technology investment can add true value for a better client experience and greater profitability. Let’s look at the key trends driving mid-sized institutions to accelerate their digital transformation efforts.
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