The Coronavirus crisis has caused the most rapid and most massive digital transformation the financial services industry has ever seen. Due to the push for self-isolation across the world in the spring of 2020, financial services IT departments had to quickly enable the majority of staff to work from home, while making sure systems could cope with unprecedented spikes in online banking and mobile app usage by customers.
The COVID changes affected every financial services organization differently. While some have struggled with a lack of scale and funding, many challenger banks and FinTech firms have capitalized on their cloud-native, digitally flexible nature, as bank branches were temporarily closed.