Get Closer to your Banking Customers not Further Away Titelbild

Get Closer to your Banking Customers not Further Away

Get Closer to your Banking Customers not Further Away

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 Summary: We're living at the speed of digital banking these days, and the pandemic seems to be pushing the gas pedal to the floor. While the banking industry needs to continue to embrace digital banking, they also need to be mindful of how far to swing the pendulum to ensure they've got that equilibrium between what's best for the consumer and best for the bottom line. Related Content: Banking Predictions Blog Associated Links: Scott Anderson LinkedIn ProfileJeff Bender LinkedIn Profile Alyson Clarke LinkedIn Profile Transcription: Scott Anderson:               00:15                     Hello everyone. Thank you for joining us today on this episode of Commerce Now. I would like to welcome today's guests, Alyson Clarke, principal analyst with Forrester Research and Jeff Bender, who leads our digital solutions team here at Diebold Nixdorf. Alyson, great to speak with you again, and Jeff, so glad you have participated in this session of Commerce Now. Alyson Clarke:                   00:34                     Thanks for having me, Scott, much appreciated. Jeff Bender:                       00:36                     Thanks, Scott. Happy to be here. Scott Anderson:               00:38                     Perfect. So today I want to explore a hot topic. We're living at the speed of digital banking these days, and the pandemic seems to be pushing the gas pedal to the floor on this. The banking industry has been on a digital evolution path for a while now, and the payments mix continues to evolve with sentiment and behavior changes around cash. Consumers have adapted to this new normal and the FIs have pivoted to accommodate. So, I think what we want to unpack is, is this simply an acceleration of further digital evolution or is it really a revolution? Let's look at what this might mean for 2021 and beyond. We can't ignore COVID and the impact it's having on the banking landscape. So, what transformational accelerators have resulted from the pandemic? Alyson, why don't you kick us off? Why do you think the environment was ripe and ready for this? Alyson Clarke:                   01:26                     Well, I'm actually going to say the opposite. Banks weren't ready for this, and that's part of the challenge, right. I and myself and many in the industry now, we've been talking digital transformation for years and years till we're blue in the face and talked about the urgency of it.,And I think we've gotten to the point of digital transformation fatigue before COVID. We saw a lot of firms that had been delaying projects that they needed to do, like digitizing loans and other kind of operational improvements to digitize the back office and the way they serve customers.                                                                                 What COVID did was really, really expose their flaws and where firms had been falling behind. And as a result, of course forced them to do things really quickly and hurry and do things like digitize loans in weeks and even sometimes months, but usually weeks, as opposed to how long it would typically take them, which could be many, many months or years even. So I think we've got this kind of environment where it exposed the flaws. At the same time, I think it's forced banks to react and it's great because it's pushed through some of the hurdles that were blocking firms before. Some of the governance and hurdles that have slowed implementation down. So I think certainly in that front I would probably challenge it and say that I don't know that the industry was ready. Scott Anderson:               02:51                     Fair point. Fair point. Jeff, any perspective from your side of the equation? Jeff Bender:                       02:56                     Yeah. I mean, it's certainly accelerating things. I think that's right. The fall before was, there was a fatigue around digital transformation. You did see digital solutions, things like that becoming an optional. It was something that a bank would like to have, but it wasn't as critical or necessary as other initiatives. And I think certainly in the pandemic we've seen that change. As much as we like to talk about consumer behavior changing over time, we saw it radically change through the pandemic. But I do think there was a lot of technology foundation that was already in place there. And now what we've seen is consumer behavior is starting to drive an accelerated adoption rate of that technology. So I mean, even in our personal lives the way we order groceries, the way we order food. When we go to restaurant, we scan a QR code now to get a menu. Those have all ...
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