Banks and Digital Transformation in a Post-COVID-19 World

communications between financial service organizations and their customers. Griffin McGahey also serves as chief executive officer of claims payment technology company Pay.claims, headquartered in Birmingham, AL. In this role, he shares his views on the need for financial institutions, especially banks and credit unions, to take steps towards further digitization.

The banking industry’s need for digital transformation has never been more apparent than in today’s COVID-19-ridden world. While the world as a whole was on lockdown, banks had to rely on digital technology to do business and meet the needs of customers. Although digital technology had been a part of banking for years, it was still in its early phases, with quite elementary technology. COVID-19 pushed banks and other financial institutions to take the next step in digital transformation.

The opportunity now exists for financial institutions to completely rethink what digital banking means, including the following:
- Revamp processes for the new digital reality by evaluating every step consumers must take to find a solution, buy a product, or communicate with the organization.
- Modernize technology by using open platforms that allow organizations to combine and customize customer solutions.
- Embrace organization-wide innovation with the right leadership and culture.
- Reinvent customer engagement with content marketing focused on consumers’ needs.