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Many of these themes were already in existence, but Covid has put a rocket underneath them and accelerated their adoption in a range of ways that we weren’t truly prepared for. Finally, the amount we’re spending online now – already a strong trend – has been accelerated by five years. Since March, the number of customer interactions that have been digitised has accelerated by three years meanwhile the proportion of products and services that have been at least partially digitised has been accelerated by seven years in a matter of months. Indeed, recent McKinsey research showed a massively increased rate of change across a range of digital technologies. “Technology drives so much of this,” said Blackman. In which case there are some fundamental political and economic questions to be faced.” Fuelling change If it does then it’ll be bigger but it might not – we might see less spending, more saving for instance. And we also don’t know if it will produce more economic value or not. There is a new world, and we don’t know exactly what it will be like. “As an economist, I see it like this: the old world has gone. Blackman was presenting his take on some of the key themes as part of the bank’s most recent banking brief session. And underpinning much of these changes is a growing role of technology in our lives.
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For Stephen Blackman, head of strategic research at NatWest, the pandemic has both caused and accelerated a set of seismic changes that are spread out in various levels of intensity across different geographies, demographics and commercial sectors.