How banks can leverage their digital experiences to remain competitive

During the pandemic, entire industries have experienced seismic shifts from their modus operandi to almost entirely digital undertakings. One industry in particular that this applies to is banking. Banking is traditionally viewed as a legacy industry that can be slow to respond to the changing times of society, however it is also an essential service that most people can’t do without. As such, banks’ digital experience offerings are increasingly important in the context of the post-pandemic world. 

As a result of the pandemic, more people were online than ever before. For example, more than twice the number of pensioners stated that they made their first online purchase in 2020. The pandemic has accelerated a trend that was already underway within banking, with those more reliant on physical branches finding themselves in a more precarious position. Covid-19 meant that across the world, many bank branches had to forcibly close and are continuing to close. 

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