Cov-19 Response: Banks will have to rise to new digital expectations

“Customer behaviour has changed permanently in the wake of the CV-19 crisis and banks will have to rise to new digital expectations”, Teodor Blidarus, Founder and CEO of FintechOS said during a webinar on how COVID-19 is shaping the banking of the future.

”Finance Forum: How COVID-19 is shaping the banking of the future” was organized by The French Chamber of Great Britain, one of the most active business networks in the UK. It was co-hosted by Nigel Mogen, EMEIA Banking & Capital Markets Leader for Financial Services, EY and John Peachey, Managing Director – CFO Global Markets, HSBC Bank Plc (moderator).

All panelists – you can find their main ideas below – agreed that Covid-19 is a massive accelerant to many of the transformation themes and that we will see more collaboration between banks and fintechs.

Webinar highlights:

Teodor Blidarus, FintechOS:

End-to-end customer experience goes through a top-down transformation
We need a customer-centric view approach and change the way we do banking and harvest data
Lending is becoming critical when we talk about legacy systems
The most sought-after role is digital product manager. It is not a traditional one, it requires digital savviness
The way we interact and surface financial services will change. There is no way back.
The market is going to evolve. Startups will focus more or less on niches. We will see more collaboration and ecosystems.

Nigel Mogen, EMEIA Banking & Capital Markets Leader for Financial Services at EY

Getting back to normal will require consumer confidence, but consumers are concerned about their financial position.
Banks quickly mobilised support to customers (more than half a million support loans in the UK alone). This was despite workforce reductions, reduced capacity and a significant increase in call centre volumes.
Covid-19 is a massive accelerant to many of the transformation themes that were already being progressed
We will see ups and downs in the following months. There is a common determination to work together – governments and banks. Overall, I am kind of optimistic.
Banks have been affected by Covid-19. The incumbents are challenging banks. We will see more collaboration between banks and fintechs.

WATCH the recorded session here.

Business context

Globally, the evidence shows that face-to-face-only banking customers are becoming the exception.
The share of digital and hybrid banking customers has jumped over the past few years: in 2015, they made up 65% of all customers; the figure hit 88% in 2019.
In Western Europe, the trend is just as clear. (BCG, 2019, Global Retail Banking 2019: The Race for Relevance and Scale)
According to J.D. Power, quoted by The Financial Brand, only 46% of consumers will go back to “banking as usual”, while there’ll be a 20% increase in mobile and 17% rise in online banking.

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This debate is part of a series of thought leadership pieces on digital transformation. FintechOS has been talking to leading companies from incumbents and start-ups, to accelerators and consultants, to get to the heart of this topic.

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