Looking ahead to what is in store for the banking industry would be impossible without taking the pandemic’s transformational changes into account. Covid-19 has accelerated trends which were already underway in most industries, and banking is no exception. While the industry has been transforming for years, progress has been piecemeal as a result of regulatory complications, data protection considerations and a reluctance to change old ways.

The crisis has presented banks with a golden opportunity to regain the trust lost in the last financial crisis. Here, banks have had the chance to be the “good guys” by supporting their customers throughout the current turmoil. Research from Modularbank cites tech as a key factor for UK consumers when choosing a bank.

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