Introduction
Digital banking and financial services didn’t start with the pandemic, but the crisis certainly made it official. Banking customers who weren’t making deposits, transferring funds, checking balances and paying bills remotely before the stay-at-home advisories and lockdowns almost certainly are now, and there’s no turning back.
But what about improving the financial well-being of customers at different stages of their life and career by offering personalized products and services through digital means? Demand for these complex functions is about to skyrocket. Our research shows that banks and financial services organizations appear to be heeding the wake-up call.
To understand how banking and financial services organizations are preparing for a world dominated by digital, Cognizant’s Center for the Future of Work surveyed 4,000 business leaders from around the world, including 287 executives at leading banking and financial services companies (see “The Work Ahead in Banking & Financial Services: The Digital Road to Financial Wellness” to learn more about our methodology).
We found that industry leaders plan to sustain and build on the momentum they developed in response to COVID-19 by using advanced technologies to both humanize and personalize the experience, while augmenting back-office processes like compliance and fraud detection. Future winners will be those that put technology in the background and focus on humans first by ensuring the financial well-being of customers.