The COVID-19 crisis dramatically accelerated the adoption of digital tools and channels among executives. This report examines the implications of that acceleration, including the potential for additional long-term consolidation for the industry.
Because the world’s largest banks had the resources to continue IT investment programs during the crisis, they have widened the capability gap between themselves and smaller and regional providers, many of which were forced to reprioritize and pause technology spending during the pandemic.
This report analyzes the strategic implications for both groups. It concludes by outlining a framework for how banks should approach digital transformation planning, including fintech partnerships that can increase speed-to-market, and internal and external marketing initiatives that drive client awareness and adoption, and optimize ROI on digital investments.