However, bankers need to be careful of what they wish for; the COVID-prompted pivot to digital banking could well turn out to be a double-edged sword. Yet many banks aspire to have customers turn to them for financial guidance and advice – either in person or via a digital app. However, traditional banks grappling with how to rotate to digital while maintaining trusted, emotionally resonant relationships have some options. Bankers may be tempted to take the digital tailwinds of 2020, accelerate branch closures and pivot to a primarily digital business model. While some banks may benefit from becoming an at-scale provider of commodity services, the vast majority will suffer if they don’t pay attention to creating and maintaining trusted relationships in a digital world.

Source: Forbes December 17, 2020 21:45 UTC