The Ultimate Guide to the Top 2021 Bank Challenges

The Ultimate Guide to the Top 2021 Bank Challenges

As the shift from traditional banking to digital banking accelerates in the wake of the Covid-19 pandemic, banks are at risk of losing their current customers, not attracting the next generation, and ultimately becoming irrelevant.

Based on primary and secondary research included in this guide, we’ve found that these risks are often being driven by several challenges including:

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

In this guide, we’ll outline you how you can overcome these five challenges, differentiate yourself in the market, lower your operating costs, and become the primary financial institution for your customers.

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Free Guide