How 2020 accelerated the industry.
Economic uncertainty has created a demand for financial tools and guidance, giving providers a chance to deliver more than just a service. The 2021 FSI Trends Report offers insights from thousands of top-performing companies about the best way to approach digital transformation - from replacing legacy systems to creating meaningful interactions.
A faster pace of digital adoption.
Within the space of a few months in 2020, digital adoption skyrocketed as the pandemic had a monumental impact on consumer behaviour. Digital transformation has been taking place in FSI for years, but this sudden shock to the system caused an uptake in digital adoption across the industry. For instance, NatWest Group experienced over 500,000 new mobile app downloads and 485,000 new online banking customers in the first half of 2020. Meanwhile, Santander UK noticed that live chat and chatbot use was sixteen times higher in July 2020 compared with January of that year. To reduce pressure on telephone and branch services, many FSI providers are encouraging the use of digital and mobile channels. In many cases, these are convenient or lower-cost alternatives to in-person services that were less available. However, as well as offering convenience during a time of upheaval, this is also a chance to deliver more meaningful interactions.
Our top recommendation for 2021:
Along with a vaccine comes a much-anticipated return to normality. FSIs should use recent momentum to continue investing in digital transformation.