Banks have become even more important in the pandemic with most institutions helping customers on loan forbearance, capital needs and fee relief; the pandemic has provided the opportunity for banks to reshape their relationships with customers and one wonders if they will capitalize on this chance; fintechs have been able to slowly eat away at banks with better technology and customer friendly features; banks have always led the way with data security and transaction trust, will that be enough or can banks use the current behavior change for the long term; banks have always collected billions in fees but new research from Accenture shows that they might be risking 5 percent of retail revenue long term if they go back to their old ways; there is a potential that over time they can reach a 9 percent upside in revenue growth by shifting how they interact with customers; 42 percent of consumers and 56 percent of SMBs say they crises has made them worse off, banks could help them better manage their way forward and at the same time crowd out the digital competitors who are hot on their tails. Forbes.
