Why read this guide?
Banks and FinServ companies are facing one of their biggest challenges in the wake of the COVID-19 outbreak. In addition to economic constraints, lockdowns and social distancing mandates all over the world are compelling banks and financial institutions to look for ways to conduct operations and drive engagement without physical interactions.
- 82% of people said they were concerned about going to their local bank
- 63% of people are saying they are more inclined to try a digital app or website after the Coronavirus outbreak
- COVID-19 has already driven a 72% rise in the use of Fintech apps
(Data Sources: Lightico, deVere Group)
Consumer behavioral changes in this New Normal have accelerated advances in digital transformation. The time is now for banks across the globe to rethink banking services in a mobile and cloud-first environment and transform into an agile, fast-moving digital enterprise.
Some organizations are already moving fast to expand their digital offerings. For example, Kasikornbank, a Thailand-based commercial bank, is partnering with Nium, a FinTech payments platform, in an effort to ramp up its digital cross-border payments. Launching and scaling innovative digital financial services is paramount to acquire and retain connected consumers.
Photon’s guide defines the framework that banking and FinServ companies can use to deliver richer, more personalized digital banking experiences, thereby elevating their CX and driving new growth. In the guide, we offer more examples of major financial services companies that have disrupted their offerings by embracing a digital approach to their business.