20 Results from 2020
Steve Morgan Banking Industry Market Lead at Pegasystems
We are seeing a state of flux in several areas of banking: customer needs, environmental obligations, banking requirements and more. Until now, it has been a struggle for banks to keep up and manage every single aspect of this transformation – from the individual level right up to the corporate level. For example, the proliferation of government-b...
18 December 2020 /retail /covid-19 Banking Strategy, Digital and Transformation
In the last few decades, it is easy to generalise that banking has been, like most industries, focused on the quarterly, half, and full-year financial results. While this generalisation is unfair, the pandemic has highlighted that more should, and needs, to be done in terms of focussing on the needs of the customer. The COVID-19 pandemic highligh...
02 December 2020 /retail /covid-19 Customer Service 2015-2019-2025
At the outset of 2020, nobody in the banking industry could have predicted the chain of events that would unfurl. But it hasn’t all been doom and gloom – this year has seen unparalleled technological advancement that will undoubtedly benefit both banks’ internal operations and their customers. But will this momentum continue over the next twelve m...
30 November 2020 /retail /covid-19 Digital Banking Trends
If automation is operating as it should, people should not need (or want) to talk to a customer service representative. But what if something goes wrong, or the customer has a complex query? Take the A-level results mishandling in the UK as an example. In theory, the algorithm should have worked, but it didn’t, and hundreds of students had to get i...
19 October 2020 /retail /covid-19 Artificial Intelligence and Financial Services
National Customer Service Week is held every year to highlight the importance of customer service within organisations - this year it is being held from Monday 5th through to Friday 9th October. As it approaches, I would like to consider why brilliant customer service has been so critical for banks this year, as well as how financial institutions ...
29 September 2020 /retail /covid-19 Customer Service 2015-2019-2025
During the COVID-19 pandemic, some banks have made it into the press for the wrong reasons – for their poor customer service. In one case, a bank’s customer had passed away after a long period of illness. Her daughter, who had power of attorney, informed the bank of her death and followed up five times to have the funds transferred and old bank acc...
COVID-19 saw banks accelerate their digital transformation plans, condensing them from year-long projects into a matter of weeks. In fact, research from Pega found that the pandemic increased organisations’ urgency for digital transformation, with 91% of all respondents admitting that changes are now needed for their business to survive in a post-...
21 September 2020 /retail Trends in Financial Services
The trend in digital banking is one that continues to build momentum. A widely held belief was that there are a number who resist - generally of the older generation – preferring to stick with more traditional banking. Yet recently, McKinsey research has revealed that consumer preference for handling everyday transactions digitally is as high as a...
02 September 2020 /retail Innovation in Financial Services
With banks and their customers being forced to shift a majority of their activity online as a result of COVID-19, it is only logical that the digital banking experience should get more focus. Now, the race is on between financial institutions to get it right as those who sprint ahead of their peers will be able to use their superior banking experi...
23 July 2020 /retail /covid-19 Trends in Financial Services
COVID-19 scattered workforces and business operations virtually overnight. At the same time, the impact of the pandemic has accelerated digital sales and service demand in ways that suggest permanent change. This trend is confirmed by McKinsey which noted that remote advisory channels may be finally coming of age, potentially meaning that up to 35...
07 July 2020 /people /covid-19 Innovation in Financial Services
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