The COVID pandemic of the last couple of years significantly accelerated the pace of digital transformation in many sectors of the economy and society. Nowhere was this more apparent than in the banking sector. According to McKinsey1, banking is now the most digital industry with a 77 percent adoption rate among European consumers. Twenty-three percent of customers moved to digital banking during the past two years of COVID. Unlike some other sectors, this shift appears to be permanent – the same McKinsey research suggests that 82% of digital customers intend to continue using digital channels. Consolidate or Expand? The question banks face in 2023 is how do they capitalise on this opportunity? Faced with the headwinds of cost of living, inflation and energy crises, the temptation is to ‘bank’ gains, ‘batten down the hatches’ and ride out the storm. Many could be forgiven for pausing digital transformation to concentrate on cutting costs and prepare for the inevitable increase in defaults and other financial stresses from customers in retail and commercial banking. Yet to do so would miss a significant opportunity to further extend progress on digital transformation. Those that embrace the opportunity will find that it delivers not only […]
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