Banks walk tightrope while balancing digital transformation with cost efficiency
Pandemic and lockdowns have made remote interaction with clients and employees a sudden necessity
Drastic advances in technology, Covid-19 and increasingly demanding customer expectations have created the perfect climate for banks to be bolder in their approach to digital transformation. But during this time of uncertainty are they able to forge ahead with innovation and redefining their operating models while improving cost efficiency? It is a delicate balance, and arguably the biggest dilemma for SA banks and banks worldwide in 2020.
To embrace the disruption affecting the financial services sector it’s not enough for banks to offer their customers a “digital experience”. Instead, to realise the full potential of digital transformation banks needs to be “digital at their core”. The implication therefore is the need to redesign customer experiences across all channels, physical and digital, as well as digitisation of core processes that span acquisition and service of customers, internal banking operations, finance, risk and support functions. This requires a holistic ...