The way we bank is changing. Many branch networks are being closed or shrunk and spending on digital technology is on the up. Why? Banking at physical branches is in decline, whereas 66% of the UK is predicted to be using internet banking by 2020. If traditional banks want to survive, they’re going to have to get with the times. And fast.
Problems of banks and insurance companies are growing at a staggering rate, and they’ve yet to take advantage of the technologies they have at their disposal to improve customer experience. The pressure associated with not delivering the level of service customers demand is one of the top 4 problems banks and financial institutions are dealing with today. Let’s take a look at their problems and challenges in detail.
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