COVID-19 is an economic shock analogous to the global financial crisis. Now, as then, there will be short-term changes as life, industry, and people adjust, but also more long-term structural changes that will live on long after COVID-19 has passed.
This presents opportunities for decisive banks to right-size branch networks, optimize the digital experience, and establish sustainability credentials, thus emerging in a stronger position. But many banks will have been blindsided by this issue, which is evolving in fast and unpredictable ways. As in 2008, banks risk being immobilized by uncertainty, or getting caught in constant firefights that prevent a more considered, strategic response. And the costs of any missteps will be much higher than in 2008, as a variety of banking alternatives - including new digital banks, telcos, and tech companies - are poised and ready to grab market share.
This report explores both the opportunities and risks presented by the pandemic in the banking and payments industry.
- COVID-19 is a unique opportunity to turn off physical channels and force holdouts to conduct more high-value, high-risk banking activities through digital.
- Call center volumes are skyrocketing given that it is the most human channel available amid reduced branch access.
- Digital teams will need to work quickly to address service gaps across channels and offer contextual onboarding as new features are dropped.
Reasons To Buy
- Discover how banks and payment companies are responding to the challenges of COVID-19.
- Learn about how COVID-19 is impacting the banking and payments industry in the present, and how the pandemic will shape the future market.
- Gain insight into the best strategies to maintain customer satisfaction during this difficult period.