The COVID-19 reality check
The pandemic galvanized a shift in the entire banking ecosystem, fundamentally reshaping how customers, employees and businesses interact with financial organizations. The industry is responding; our research makes clear the speed of change that respondents anticipate.
Currently, just over one-third (33%) of banking respondents feel they are ahead of their competitors in applying digital technologies to transform business strategies, processes and services (see Figure 1). Fast-forward to 2023, however, and that percent almost doubles (63%). Since no more than half can actually be above average, mathematically, time will tell which ones emerge as leaders, but the direction of travel is clearly uppermost in executive minds.
The pandemic is likely to spur widespread implementation of high-impact digital journeys, from customer onboarding to loan origination, widening the gap between digital leaders and laggards. Executives must reimagine how their institutions will operate, serve customers and create value in the post-COVID-19 world.
A digital arms race
Respondents were asked how they compared with others in their industry in applying digital technologies to transform business strategies, processes and services, now and in 2023. (Percent of respondents)
Base: 287 senior banking and financial services executives Source: Cognizant Center for the Future of Work Figure 1