Banks Need to Improve Digital Outreach or Risk Losing Customers After Crisis Ends

The current crisis has highlighted some of the key areas where banks fall short with their customers; while writing in American Banker SigFig CEO Michael Sha discussed three key themes that banks are struggling with during the current crisis; know your customer or KYC has always been seen through the eyes of compliance but it should be rethought and seen as a way for banks to better understand their customers; bank branches are closing to keep people and employees safe so digital advice has become a must have for all banks; the typical bank has dealt with digital interactions in a transactional way and that will need to change as the trend on branch closures began even before the crisis; telefinance will also need to be ratcheted up, banks need to get better at using on-demand chat, video based services and more; banks are seen as a safe place in times of crisis but what the current situation is showing us is that banks behavior will need to change or else new players will eat further into their market share. American Banker

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