Covid-19 Transforms the Future of Digital Banking
How Woodridge is Helping Banks Accelerate
As Bob Dylan once said, “Times, they are a-changin”. I think we can all agree none more so than right now.
Digital banking has never been so vital as right now. According to McKinsey, the “pandemic has accelerated the shift to digital banking by two years”. The focus, of course, has been on meeting the immediate needs of customers through more digital services. With many branches still closed and others limiting the number of customers allowed at one time, digital banking is the only option for many.
Many banks already offer common transactions through online or mobile offerings: balances, transfers, bill pay. Yet there are many services still not offered digitally. This pandemic has forced digital bank services to take on more volume than anticipated. Some banks were not ready. Some were.
In an interview with Bloomberg, David Tyrie, head of digital banking at Bank of America, stated, “When corona hit, it turbocharged already-accelerating growth. We expected that we were going to get a whole bunch of new customers. We really didn’t expect the magnitude.” Bank of America recently released some interesting numbers related to its virtual assistant, Erica.
- 2 million new users since March
- 13 million active users or 20% of the bank’s deposit base
- 15.6% of all loan deferrals have come in through Erica
Providing an excellent digital customer experience and offering digital services ahead of your competition can increase your customer base and shift more transactions to digital. It also results in cost savings, as digital transactions are less costly than manual ones. These trying times have highlighted the importance of continually innovating your existing digital customer experience. Woodridge Software can help you develop best-in-class digital banking experiences and get to market faster, whether it be new implementations or development of existing ones.
Customer behavior has shifted, and the impacts will be long-lasting. A recent survey by fintech company Novantas revealed only 40% of respondents expect to return to branches post-coronavirus. It is never time to stop expanding your digital banking offerings. Don’t let a pandemic be the reason to innovate. Let us help you with your development needs in:
- Web Development
- UI/UX Design
- Digital Security
Woodridge Software is proud to have already helped over 150+ financial institutions through these troubling times. As one banker told us, in regards to our work with his bank on the PPP program, this has been “the most important work in his time”. The “new normal” is still being defined but we’re ready to help you now and into the future.