Most if the talk about banks going digital has been focused on the front end customer facing tools, there is also a sea change happening behind the scenes; banks are innovating across their tech stacks in order to accommodate people working from home; banks are starting to use centralized databases and moving almost entirely away from physical documents to accommodate the new normal; David Donovan, who heads the North America financial services practices at innovation consultancy Publicis Sapient, says to the FT “We’ve been saying forever that if you don’t convert to digital, you’re going to be out of business in a couple of years,” he says. Some banks knew that this was important, but “just didn’t feel urgency”, he adds. “What Covid has done is created the urgency because it’s made it pretty much obvious that they have no choice.”; banks have also started to increase their usage of AI chatbots, encryption and ID verification tools; banks are being forced to innovate all across the different areas of their businesses which will eventually make them better suited to work in a new digital world where not everyone will need to be in the same office. Financial Times