The changing state of financial services
Evolution of banking
Over the past decade, changing consumer behavior paired with digital transformation has reshaped the financial services industry. More consumers have shifted from in-person transactions to online or mobile banking. With emerging fintech companies in the market, the closure of brick-and-mortar branches hit a new record in recent years. Since employees were operating from home due to the COVID-19 health and safety concerns, 3,324 branches across the U.S. were permanently shut in 2020.1 Well, this signifies that digital banking is here to stay—and financial services companies need to make sure that they are providing the best-in-class customer experience (CX), even in the most unfavorable situations
