Frontline banks are fluid, responding to and better yet anticipating customers’ evolving requirements and preferences. The pandemic has accelerated the need for banks and consumers to interact with each other through digital channels. To compete in an increasingly competitive market, traditional banks must provide tailored solutions, cooperating with specialized partners to achieve specific goals. Banking-as-a-platform has become the new norm in the industry and the only way to keep up.
With COVID-19 still dominating the narrative across the global banking industry, arguably the biggest challenge lenders will face in 2021 is how best to maximise the customer experience amidst such a challenging environment. Indeed, given the low interest rates that have continued to weigh heavily on banks’ net interest income (NII)
While COVID-19 is decimating some industries, it is giving a boost to others, including the employment of artificial intelligence in the banking industry. As customer access to human staff is curtailed with disruptions such as branch closures, well-configured chatbots and virtual assistants are stepping up to the plate. And the banks that are best equipped for AI implementation are enjoying such advantages as cost savings along with improved customer experience.