The Retail Banking market has transformed into a hugely dynamic market over the last 10 years, with the development and integration of new and emerging technology. This has hugely reduced the cost of entry for new nimble competitors to traditional high street banks. An entire fin-tech sector has grown up offering innovative, low cost financial services for consumers.
The sector has been transformed driving investment in new technology, contact channels and in-particular digital self-serve functionality.
The Covid-19 pandemic is creating financial stress for customers across Europe, banks need to react and have flexible strategies and customer treatments in place to handle increasingly complex scenarios against a background of increasing NPL volumes.