PERSPECTIVES

Charting Banks’ Digital Path to Deliver Personalization and Financial Wellness

2021-09-02


While making digital the main channel of customer engagement, banks are also looking to move beyond business as usual.

COVID-19 made online channels indispensable for bank customers, including those who preferred in-person banking. This accelerated their digital strategies and created an opportunity to go beyond the basics and become partners in their customers’ pursuit of financial wellness.

As banks bet big on digital, they are looking at technologies such as AI, advanced analytics, and automation to provide personalization, prediction and speed in creating powerful customer experiences. Banks are also increasingly relying on machines to automate repetitive tasks and make complex decisions, creating demand for human skillsets that complement intelligent machines.

Cognizant’s Center for the Future of Work (CFoW), working with Oxford Economics, recently surveyed 4,000 C-level executives globally, including 287 senior banking and financial services executives to understand how banks are adapting to fast and dramatic changes.