India, June 23 -- As banks and credit unions around the world deal with the impact of COVID-19, many are realizing the imperative to make significant adjustments to their business operations.

With near-zero interest rates in most parts of the world, banks' top line will be impacted significantly. With revenues impacted and labor costs flat, financial institutions will need to focus on cost-cutting through operations optimization. Meanwhile, with stay at home orders, customers' demand for digital banking services only increases, as well as expectations for a fast, frictionless experience.

Many institutions, if they have been slow to adapt, now have little choice but to fast-track digital transformation efforts of the back end processes t...