Infographic | August 19, 2020
COVID-19 has turned banking digital practically overnight. In just a few days, the financial industry experienced more disruption than it’s seen in decades, from how employees do their work and redefining branch strategies to the delivery of products and much more. It’s clear that how consumers interact with their bank or credit union has fundamentally changed and will never be the same again. Prior to the pandemic, financial institutions were heading in the right direction with digital transformation and digital initiatives. But there wasn’t a big sense of urgency because things were still going well and profits were high. Now, with the tide changing so quickly and consumers having no other option than to rely even more heavily on technology and their mobile devices, financial institutions find themselves in a position where they have to act fast in order to sustain growth and succeed.