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COVID-19 Provides Opportunity For Digital Transformation

With the onset of COVID-19, digital banking and branchless transactions are suddenly more necessary than they've ever been. A number of financial institutions have been lagging behind in digital transformation, but now is the time to get up to speed or lose customers. The Financial Brand offers advice on how turn this moment in time - when transaction volume is relatively low - into an opportunity catch up.

"Since the start of the coronavirus, consumer demand for digital banking has never been greater. Unfortunately, many organizations that were delaying digital transformation efforts have been caught flat footed, without the ability to deliver a positive digital experience. The good news is that, with overall transaction volume low, the opportunity to build improved digital platforms has never been greater.

"COVID-19 has become a digital banking ‘reality check’ for both financial institutions and the federal government. Despite all of the talk over the past several years about becoming a ‘digital banking ecosystem’, many basic digital banking deliverables are falling far short of expectations at a time when the consumer has few options."

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