Industries across the world dealt with the challenges hurled at them in 2020 and emerged stronger. Banks, financial institutions, and credit unions weren’t immune to the effects either but implemented innovative technologies to ensure business continuity in the wake of the pandemic. These institutions adopted new measures to operate while maintaining social distance and working remotely.

While the last year was all about struggling to find their feet in the new normal, the year 2021 will be about building upon those plans and adopting new methods to keep the momentum going. It calls for improving technologies that are in use and simplifying processes for the convenience of their customers. Let’s look at the major factors that will affect their internal operations and digitize customer experience in 2021.

1. Digital Approach
Digital Banking is projected to reach $22.3 billion by 2025, as per a report by ReportLinker. It has been on an upward trajectory for the past few years, but the pandemic acted as a catalyst in its widespread adoption last year.

Most banks, financial institutions, and credit unions focused on delivering the essential banking functionalities digitally or through mobile applications to make sure the customers can continue to make transactions from the comfort of their homes.