Over the last few months, the financial sector, as well as many other industries, has had to adjust and make the shift to remote set-ups almost overnight due to COVID-19 restrictions. The transition has accelerated digital transformation; the sector’s previous reliance on face-to-face, or, ‘high-touch’ customer interactions have yielded to a completely digitalized experience.
Banks, in particular, have started to accommodate customers digitally in line with a steep increase (50 -70%) in internet traffic due to the global health pandemic. Many have turned to front-facing technology, or in other words, technology specialized to enhance the customer experience using automation, machine learning, and interactive engagement. This has led to the decline of traditional banking interactions such as visiting a branch or calling a service agent, as research reveals 72% of adults now prefer to communicate digitally.