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Pandemic Pushes Banks to Improve Operations

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Banks are continuing to adjust their operations amid growing evidence that it will still be months before life returns to a pre-pandemic state. Improvements to digital access are naturally a key area of focus, but banks are also taking other measures to ease customer access to products and services.

Novantas is tracking these improvements with regular surveys that gather information and provide insights into how financial institutions are responding to the pressures that COVID-19 uncertainty has placed on their branch networks. The following results reflect September responses from 32 financial institutions that range in size from fewer than 100 branches to more than 2,000.

Half of the surveyed banks say that improving the quality of digital sales is a high-priority issue.

Top priority
Very high priority
High priority
Low priority
Very low priority
Bottom priority

Source: Novantas SalesScape Comparative Analytics Survey, fielded September 2020
Question: What is the highest priority distribution challenge by end of 2020? Please rank with 1 being highest.

Half of the surveyed banks say that improving the quality of digital sales is a high-priority issue.

Top priority
Very high priority
High priority
Low priority
Very low priority
Bottom priority

Source: Novantas SalesScape Comparative Analytics Survey, fielded September 2020
Question: What is the highest priority distribution challenge by end of 2020? Please rank with 1 being highest.

Other initiatives include improving coordination across channels, better digital account opening and enhanced targeting.

Not considered at this time
Under consideration
Underway

Source: Novantas SalesScape Comparative Analytics Survey, fielded September 2020
Question: As you think about improving quality of digital sales, what initiatives are underway or under consideration at your FI?

Other initiatives include improving coordination across channels, better digital account opening and enhanced targeting.

Source: Novantas SalesScape Comparative Analytics Survey, fielded September 2020
Question: As you think about improving quality of digital sales, what initiatives are underway or under consideration at your FI?

Most respondents also are upgrading their mobile applications...

81%
Implementing upgrades to your mobile application
63%
Changing digital account origination platform
15%
Changing digital banking platform provider

...and supplementing the call center with work-from-home resources.

Source: Novantas SalesScape Comparative Analytics Survey, fielded September 2020
Question: Are you planning any changes to your digital infrastructure in the upcoming year? (Check all that apply.)
Question: Are you planning any permanent changes to your contact center infrastructure in the upcoming year? (Check all that apply.)

Most respondents also are upgrading their mobile applications...

81%
Implementing upgrades to your mobile application
63%
Changing digital account origination platform
15%
Changing digital banking platform provider

...and supplementing the call center with work-from-home resources.

Source: Novantas SalesScape Comparative Analytics Survey, fielded September 2020
Question: Are you planning any changes to your digital infrastructure in the upcoming year? (Check all that apply.)
Question: Are you planning any permanent changes to your contact center infrastructure in the upcoming year? (Check all that apply.)

The ultimate goal:

Improve customer experience and access to funds.

Source: Novantas SalesScape Comparative Analytics Survey, fielded September 2020
Question: What types of policy changes have you adopted to make it easier for customers to conduct business remotely? (Check all that apply.)

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