Digital disruption blew through banking leaving empty branches, silent call
centers, and employees at home. Ready or not, the pandemic offered no
choices. Banks who had spent years discussing digital transformation were
scared into action in days. Financial Institutions hacked and scrambled
digital banking services together to meet customer needs. These tactical
responses worked. The banks survived. Yet frictions and gaps in the digital
banking experience continue.
Banks still need to transform themselves strategically and sustainably. But
they can’t break the bank, in terms of either cost or risk, to achieve
transformation. Meanwhile, bank profits flatten or fall and risks rise.
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