Ready your bank for whatever comes next

The impact of the current crisis has been felt by banks straight from the front row. This forces them to be among most innovative sectors.

We’ve seen two years’ worth of digital transformation in only two months.

Whether it’s the move to remote working, handling unprecedented call volumes from stressed customers or trying to get funds to businesses as quickly as possible, COVID-19 has dramatically altered the banking landscape and changed the way we live and work. Some would say we will never return to the way things were.

Banks now have a rare opportunity to focus on what matters – and to stop everything else.

While working within a framework of identifying what is best for customers, we would encourage banks to focus on five priorities:

Cost Containment and Optimization

Apply automation, analytics and AI at scale to reduce spend and operational

Talent Agility:

Coach remote workers for productivity, both onshore and offshore. Create new digital workspaces and filesharing solutions for all departments.

A Resilient Core:

Use AI to stop payments fraud and improve antimoney laundering (AML) and Know Your Customer (KYC) regulatory checks.

Customer Care and Operations:

Integrate digital marketing platforms with automation processes. Communicate with your customers on channels where they feel safe. Embrace the omnichannel approach.

Cost Containment and OptimizationProducts and Services at hand:

89% of the population uses a smartphone on a daily basis, reaching your customers with the most clarity. With a secure mobile application you maximize the customer experience.

What are banks doing?

Here are some examples of how banks thinking smart forward in the way they operate:

Bank of America

Bank of America has allowed customers to defer credit card payments online with a simple two-click process; 25,000 people applied within two days.

Lloyds Banking Group

Lloyds Banking Group plans to equip 2,000 customers over the age of 70 with free tablet devices and set up a dedicated phone line to provide training to help them access online banking. The UK bank is working with a digital skills agency to help customers access the internet, connect virtually with family and friends, and shop and bank online.

CaixaBank

Spain’s CaixaBank is helping retailers hit by the pandemic to sell over social networks and messaging applications. CaixaBank has launched “Social Commerce”, which lets retailers manage online purchases directly from their profiles on social media.

Kabbage, Lendio, PayPal, Square and Intuit

Companies like Kabbage, Lendio, PayPal, Square and Intuit, are now successfully and quickly accepting and processing PPP (paycheck protection program) applications.

DBS

DBS in Singapore is working with startups Oddle and FirstCom to help crisis-hit cafes set up an online food ordering site in three business days. DBS will absorb the setup costs and waive fees for the first six months

"Banks are responding in significantly different ways to the current market environment. Despite the many challenges, they see the pandemic as an opportunity to better serve their customers and build trust and reputation."

Cloudme International Business Intelligence

Find out how we can help your bank undergo digital transformation.

Contact us today to help your organization identify the strategic challenges that will make your business and your products more resilient. And help you optimize your services to make them more attractive to your customers.