The 2021 Top Bank Challenges report highlights how COVID-19 accelerated the shift to digital, with 89% of consumers using mobile banking more often and 87% opening accounts with digital-only providers. Traditional banks risk irrelevance due to five barriers: legacy mindset, flawed build-vs-buy approaches, poor digital tools, lack of customer insight, and data paralysis. The guide stresses adopting a digital-first mindset, forming fintech partnerships, using a 360-degree customer view, and creating a data flywheel with clean, aggregated, enhanced data. Those that optimize digital experiences will retain primacy and achieve long-term growth.

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