ABA-Banking on Bigger Bandwidth.
ENPNewswire-September 3, 2021--ABA-Banking on Bigger Bandwidth
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Release date- 02092021 - The digitization of financial services has banks focused on enhancing the customer experience through technology.
Prior to the pandemic, many banks had a five-year plan for upgrading their telecommunications infrastructure and ushering in the digitalization of financial services. But as soon as COVID-19 forced banks to close their physical doors to customers, that long-term vision became an overnight cram session.
In recent years, the financial services sector has viewed digital transformation as a way to provide an enhanced customer journey and appeal to younger consumers, who generally prefer mobile and online banking services over visiting brick-and-mortar branch locations. Then, all at once, the pandemic led consumers of all ages to migrate online, where they could conduct financial transactions without visiting a retail branch.
For banks and other financial institutions, the digital transformation has resulted in a kind of customer-service foot race. Those banks providing the best customer experience across their digital platforms and product portfolios will be better positioned to succeed in the highly competitive financial services marketplace.
The financial services industry clearly is taking this challenge seriously. A 2020 study by McKinsey found that 88% of finance and insurance executives had increased their implementation of automation and artificial intelligence during the pandemic, with the end goal of enriching the customer experience. To pull off this digital transformation, financial institutions need the latest telecommunications infrastructure and increased bandwidth to support the growing need for digital experiences throughout the customer journey.
'The pandemic definitely has accelerated the digital transformation,' says Thomas Sweeney, executive director of the Strategic Client Group for Comcast Business. 'Before COVID-19, it was probably among the top five initiatives of the retail banking space, but once the pandemic hit, a lot of the initiatives that were planned had to be implemented a lot sooner.'
Sweeney says that throughout the pandemic, Comcast Business has seen a large uptick in inquiries from banks wanting to upgrade their networks. Rather than handling this extensive project in-house, financial institutions are turning to managed network service providers like Comcast...
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