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Banks are forced to adapt to the reality of Covid 19 to succeed

It is urgent that the so-called “traditional banks” adapt to the new reality and the status quo that was enhanced by the Covid-19 pandemic.

That is one of the main conclusions of the report “Digital Banking: The new paradigm of digital channels“, launched by Xpand IT, a Portuguese technology company specializing in Big Data, BI & Analytics, Data Science, Middleware, Digital Xperience and Collaboration Solutions.

The report, produced by the Digital Xperience unit of Xpand IT, came about following a panel discussion promoted by the company, which included the participation of bank representatives such as Crédito Agrícola, Novo Banco and Millennium BCP.

The findings reveal that banking companies that were not prepared to present efficient digital alternatives in a short time had difficulties in reaching their customers effectively and that the competitive advantages that they had previously may also have lost some relevance in this new reality.

For this reason, going digital is no longer a choice, but a necessity, as banks will only be able to remain competitive and maintain their presence in the market as well as their customer base if they transform and adapt to this new reality.

According to the report, digital channels should become the top priority for any business: digital tools survive changes in context or crises. Tools such as virtual agents, for example, may be instrumental in helping companies to operate remotely while other employees may be more focused on other areas of the business.

Thus, in the very near future, customer interactions with their banks will become increasingly digital and more personalized, even though physical locations continue to play a specific role in customer interaction with the brand.

Sérgio Viana, Partner & Digital Xperience Lead at Xpand IT, says: “In recent years, the impact of technological innovation has been felt in several sectors and this also happens in banking. In this report, we sought to analyze the various challenges in this sector, given the current circumstances, and the multiple opportunities that technology brings and which were particularly evident in this period. It is increasingly clear that innovation will be intrinsically linked to the ability of companies to take advantage of the advantages that technology provides”.

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