Serena Smith, chief client officer at i2c, told PYMNTS in a recent interview that although digital innovations in banking have come a long way in just a few short years, “There’s still a long way to go.”
Much in the way 9/11 forced financial services firms to pivot towards the electronic clearing of checks (through the Check 21 Act), she said, COVID-19 has pushed the entire industry toward another change.
Consumers had been using digital channels, “But those channels were not utilized at scale,” she told PYMNTS, “and COVID forced the market, and [financial institutions] not yet embracing digital technology, to implement solutions quickly.”
And now, as the pandemic recedes, and consumers have been grappling with macroeconomic challenges, volatile inflation and a rising tide of fraud, Smith told PYMNTS that banks and FinTechs must personalize and create new experiences that are useful right now.
For the providers, she cautioned, “adding digital products and services is just part of the story.”