Deloitte Report Finds 34% of Banks Implemented Fully Digital Processes Due to COVID-19

https://thefintechtimes.com/deloitte-report-finds-34-of-banks-implemented-fully-digital-processes-due-to-covid-19/
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Deloittes Digital Banking Maturity 2020 is the 4th edition of the largest global benchmarking of digital retail banking channels answering what leasers are doing to win in the digitalisation race. The study provides a comprehensive outside-in ‘mystery shopper’ assessment of 318 banks from 39 countries, analysing their digital channels and furthering discussion about future developments.

The report has found that Covid-19 has changed banking and fast-tracked the development of digital channels. 60% of banks have closed or shortened branch opening hours but may have also implemented new digital features. 41% of banks increased the limit of contactless payments and 23% introduced digital identification and verification methods. Only 6% of banks suspended account openings or limited access to products, with the majority of banks implementing fully digital processes, for example opening new accounts.

Jouk Pleiter, CEO and Founder of Backbase, said: “These findings come as no surprise given that lockdown measures have forced many banks to accelerate their digital shift almost overnight. In a more virtual than ever environment, digital processes have become paramount. Factors like real-time access, flexibility, efficiency and personalisation are increasingly key, and that means addressing the limitations of current banking infrastructure. Despite financial institutions placing more emphasis on digital in light of Covid-19’s challenges, they should not take their feet off the gas. Instead, they should continue providing digital offerings that simplify customers’ experiences as much as possible amid such uncertainty.

“And it’s not just about a bank’s technology. It’s about whether their leaders can instil a truly digital culture. Banks will see limited results over the long run if they continue operating with a conventional mindset. They must see digital as the core of their business model if they are going to truly humanise customer relationships in a digital world.”

To read the report in full, click here.

https://thefintechtimes.com/deloitte-report-finds-34-of-banks-implemented-fully-digital-processes-due-to-covid-19/