The drive for banking transformation is stronger than ever, as the pandemic fast-tracked the shift to digital services. Consumers are increasingly leaving cash behind in favour of contactless payments, and using online or mobile banking to manage their finances. Even those who were more wary of these services before the pandemic have taken the plunge and seen the benefits of going digital. Highlighting the extent of this, research from London-based fintech Nucoro found that during the first month of the UK lockdown, more than six million people downloaded a mobile banking app for the first time.

Banking executives must now identify how they can meet the rising demand for digital services, while sustaining the value of in-branch experiences. The answer lies in creating a hybrid experience that unfolds as a single, consistent journey as customers traverse physical and digital channels. To achieve this, banks need to ramp up and realign their technology strategy to deliver a full-scale business transformation, based on three core pillars.