Banks are challenged to provide a more compelling digital customer experience.

During the pandemic, customer experience (CX) was transformed to involve more digital and hybrid interactions. Customers now demand digital services and have high expectations.

Banking organizations compete by delivering new sources of value, often based on technological advancements.

Adopting advanced technologies can be a way to gain greater operational efficiencies and maintain a competitive advantage. Digital inertia and a lack of technology investment will come at a cost to banking organizations.

Digital transformation is forging ahead in the banking sector; don’t get left behind.

Everyone is looking ahead to the digital end game, and banks are realizing that digital transformation has the ability to unlock cost savings and business value. Banks have plenty of data, but they often lack the means to derive value from it. Accelerated digital transformation gives banks the tools to transform the foundations of banking.

Resource constraints lead to prioritizing conservative objectives.

Banks are facing resource constraints including loss of productivity due to attrition among existing talent and challenges in recruiting new talent. They are now prioritizing more conservative objectives — customer experience (CX), operations excellence and new products/services — above revenue growth. Initiatives around operational efficiency and effectiveness are a priority.