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The Ultimate Guide to the Top 2021 Bank Challenges

March 22, 2021 | 0 min read

As the shift from traditional banking to digital banking accelerates, banks are at risk of losing their current customers, not attracting the next generation, and ultimately becoming irrelevant.

That’s why we wrote the Ultimate Guide to the Top 2021 Bank Challenges — an in-depth exploration of you can thrive right now, backed with a range of primary and secondary research. We surveyed 1,000 random U.S. consumers for this guide to discover more information about how you can exceed their demands.

What we found highlights how urgent the shift to an optimal digital banking experience is. For instance, 87% of people say they visit their branch less often than they did before the pandemic while 89% said they use mobile banking more often.

mobile banking covid-19 stats

In addition, 87% say they have an account with a digital-only banking service, with 81% saying they’re more likely to use such services in the future.digital-only bank

Based on this research alongside data from Forrester, Accenture, KPMG, Deloitte and others, we show that today’s banks and credit unions are facing five key challenges in 2021.

  • A legacy mindset. Fixating on costly branches and in-person interactions at the expense of digital innovation increases your overhead and weighs you down.
  • A broken approach to build vs. buy. Building an ideal digital experience completely in-house is expensive, cumbersome, and slow.
  • Not knowing your customers. Not having a 360-degree view of your customers means you don’t really know them. 
  • Data paralysis. Neglecting your internal data puts you at a long-term disadvantage.
  • Poor digital banking. Being stuck behind the curve on digital banking features cripples your ability to retain customers and win new ones.

Fortunately, with a bit of guidance and the right know-how, financial institutions are in a strong position to lead on this front. In this ultimate guide, we outline the five steps you can take to overcome these challenges and come out ahead, including:

  1. Adopt a digital-first mindset
  2. Get beyond build vs. buy 
  3. Know your customers with a 360-degree view
  4. Build a data flywheel
  5. Optimize and personalize the digital banking experience

Over the course of 32 research-heavy pages (including 15 charts), you’ll gain the insights you need to offer the digital banking experience of the future.

Get the free guide and accelerate your way through 2021.

bank challenges

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