As a result of the closures, banks across the board saw a spike in online activity. At Bank of America, 47 percent of second quarter sales came through digital channels, compared to 29 percent in the same period over the past two years. One technology trend that has accelerated this year is the uptake of end-to-end digital processing, which has set up bank systems to do away with in-person interaction entirely.
“Banks are unlikely to be faced with a bigger real-life experiment in the enforced use of digitalisation than Covid-19,” said Stuart Graham, co-founder of Autonomous. “As bank managements sit down in the autumn to review their multiyear planning, we believe they should be taking a much harder look at their cost bases. We believe it is finally ‘show me’ time on the digital cost cutting story,” he added.