The right balance of digital vs. physical banking channels post-COVID
Financial institutions are coming out of the COVID-19 period balancing digital solutions with traditional physical locations. They are using remote technologies to enhance both approaches. Plus, two helpful processes for banks and credit unions working to figure out the right percentage mix and roadmap for their strategy.
There has been a huge awakening for those banks and credit unions that lacked digital and remote options to stay operational during the COVID-19 pandemic.
Those with poor online banking, mobile apps, remote deposits, loan applications, and digital account opening all suffered immediate paralysis. Likewise those institutions running chiefly with physical locations, including both branches and interactive teller machine kiosks, were stuck. Those without remote technologies to keep ATM/ITM fleets up and running, drive-up lanes operational, and remote video, keyless access control and remote alarm also suffered.
This is not to say that nearly every bank and credit union was not dramatically impacted by the COVID-19 pandemic. But on the readiness scale, those financial institutions that have been more progressive and invested in technology, both digitally and remotely for physical locations including branch and ITM kiosks, were able to pivot and adapt more quickly and efficiently. Their efforts essentially provided contactless experiences and locations when people needed them.
Which financial institution are you? Where do you fall on the scale?
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