It is increasingly clear that the entire banking ecosystem and the way consumers interact with financial organizations have been shaken to the core as a result of COVID-19. We will look back on this period as a tipping point between the period before COVID-19 and the new normal that emerges in the post-coronavirus era.
In much of the pre-COVID-19 research conducted by the Digital Banking Report around digital transformation, customer experience, use of data and advanced analytics, innovation and technology, it was clear that industry leaders knew what needed to be done, and in many cases, how to proceed. There just was not the urgency to take action since we were in prosperous times. Everything changed with COVID-19.
In the ‘new normal’ period, we have witnessed an environment where the way work is completed, how consumers bank, how employees learn new skills and how brands are perceived are all different. The degree to which these changes take root will be driven by both business and societal dynamics as well as how long it takes to move to a new equilibrium.
In a special report, After the Virus, Cognizant’s Center for the Future of Work examines the implications of COVID-19 five years from now as it relates to work, education, entertainment, e-commerce, human engagement and the environmental agenda. Using these insights as a foundation, it is possible to build a perspective of what the banking industry must do in the days, months and years ahead to be in a better position for the future.