Legacy banks hurdles: What's ahead

Banking hasn't been the same after COVID-19. People are now opting more for digital and personalised solutions, despite lockdowns becoming a thing of the past. Customers in the 21st century now prefer mobile banking rather than visiting the branch. Technology, which was brought by the fintech in the financial sector, is now being embraced by the legacy banks as well. The customer experience (CX) has now become the established and key differentiator and the relationship between banks and customers is going through a drastic change.

A study from KPMG UK suggests that at least one-fifth (20%) of bank customers have not visited the branches since the lockdown removal. Banks are now adapting services accordingly, with research revealing that more than 300 bank branches across the United Kingdom are facing closure prospects by 2022 end and the number will be bigger in coming years. All these factors suggest that the banking sector is going through a major transformation, with technology being the key guiding factor. The term called 'Customer Experience' (CX) has become important more than ever.

Understanding the phenomenon

"No two customers are alike, and each consumer expects you to know them, understand them and reward them with a level of contextual experiences that extend from product creation to service delivery… across the entire customer journey. Effectively executed, this level of personalization will support proactive engagement at the time and in the channel where the customer benefits the most," remarked

Jim Marous, Co-Publisher of The