The COVID-19 pandemic has changed the ways in which financial institutions interact with their customers. From implementing new technologies to creating better connections with customers, banks have had to adapt to overcome the prevailing challenges from the pandemic. 

What Should Banks Prioritize to Thrive During and After COVID-19?

The COVID-19 pandemic has shown that banks need to keep customers front and center of business and technology decisions, invest in secure remote solutions, and prioritize responsible banking. According to an EY survey, “more than half of the respondents indicate that their future purchasing decisions will be impacted by banks actively supporting the community, being transparent in all they do, and ensuring they are doing good for society. Conversely, 44% say purchasing decisions will be negatively impacted where they see banks focusing on maximizing profits during this time.”

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The U.S. Pandemic Recovery is a Chance to Improve Digital ID

In preparation for future global pandemics, a digital ID system can help in the case of public health emergencies and disaster relief to improve upon what could have been done better or been avoided. A digital ID uses electronic means to verify a person’s official identity, either online or in person. Digital IDs have already been implemented in like banking, government benefits, education, and more all over the world.

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According to HSBC CX and Personalization will Drive Success After COVID-19

By implementing the right technology, banks have been able to communicate effectively to customers since the start of the pandemic. Personalization and customer experience (CX) have been two key drivers for establishing customer relationships. According to a recent Accenture survey, 91 percent of consumers are more likely to shop with brands that recognize, remember, and provide them with relevant offers and recommendations.

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