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A lot has changed. And no, we are not referring to just the pandemic. This roots back to much before that, way back in 2008-2009, when the subprime crisis first hit banks. The recovery, more than a decade later, is still a work in progress. What has ensued is a slow recovery for banks with reduced fee incomes and lower net interest margins. And if this were not enough, enter the current pandemic, resulting in a double blow.

Amidst all that is changing with banks, over the years there’s been a sea change in consumer behaviour and their interaction with banks. Technology has played a key role in ensuring banking isn’t as tedious as it was earlier. The inception, and the algorithmic rise of internet banking, mobile banking, and the way the focus has moved from what banks can do to what customers want has helped banks somewhat create a competitive edge. However, it hasn’t been easy for banks, as the mushrooming of fintechs is threatening banks with innovative products that take less than half the time to process, making the lives of consumers a breeze.

Today, banks are finding it hard to manage customer loyalties as the commoditisation of banking products is making it difficult to drive differentiation, and thus making it all the more difficult to create a niche for themselves. Banks are yet to do a lot of catching up with fintechs in the innovation game.

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