Setting Digital Banking Transformation Priorities During a Pandemic

Today, financial mobile applications and similar digital platforms need to provide much more than simple banking processes like payments and transactions, due to consumers' high expectations and an increasingly competitive e-banking industry. FIs already recognize that advanced technologies like artificial intelligence (AI), machine learning (ML), applied robotics, and biometrics are more and more relevant to deliver innovative products and services that cater to consumers' dynamic needs. These ever-changing needs require solid prioritization by FIs in terms of investment and shifting their budgets to the proper channels in hopes of overcoming the competition and delivering what their customers expect. A dramatic shift was shown in global priorities in the banking sector post-COVID-19, pertaining to 2020 and into 2021. The actual digital transformation stood out as a top priority for banks, with 75% of them acknowledging that these dire times are in critical need for them to fully switch their offerings to digital channels.