In fact, Publicis Sapient’s Voice of Customer Study on consumers’ COVID-19 response towards financial services showed that over 1 in 5 Singaporeans did not lean favourably when asked if their primary bank’s online and mobile banking services were meeting their general financial needs.
Most financial institutions today were built over decades, with legacy systems developed using proprietary software designed for a completely different era. These legacy infrastructures struggle to cope not only with the demands of today’s modern financial system, but also the immense amount of data collected from customers.
When Covid-19 first hit, the initial few months laid bare the flaws and shortcomings of these financial institutions’ existing operational and technical processes.
