Today we are all in the middle of a whirlwind of change.
The disruption is stronger than before, and many believe its effects will outlast the Covid pandemic and become permanent.
So what does this look like in numbers?
There are some interesting statistics appearing which demonstrate changes in customer habits.
Ernst and Young’s Consumer Index shows that over 40% of customers said their banking habits had changed because of COVID-19.
Customers expect banks to accept their socially responsibility and guarantee services to the whole community.
The social role of banks can be broken down into three areas.
One, service to consumers. This means an assurance of access to banking.
Two, service and support to businesses. Being responsive and providing access to services to help business survive and thrive.
And, three is the most sensitive. The value they give to the health of a community. How the presence of a bank can be a magnet for growth and stability. High streets need them to survive.
So, how can banks make the balance? Be digital and have a strong Social Purpose?
Banks must keep on cutting unnecessary costs and optimising efficiency.
At same they should also create new streams of revenue to drive profitability.
To deliver on these drivers, technology can have a central role.
Artificial Intelligence and machine learning can make repetitive processes more efficient. Smart automation reduces operating expenses.
And when you want to reduce the cost of banking, cloud computing can make a huge difference. It can make banks more agile and flexible.
What you can do with remote banking technology is limitless. Using audio and video banking channels at branches through a digital video terminal, banks can offer a wealth of assistance and consultancy.