COVID-19 has accelerated changes happening in the financial sector. Download our eBook to learn more about how finance has changed and what to expect post-pandemic.
COVID-19 is undoubtedly accelerating changes the banking and finance industry was already embracing. Our latest eBook, “Banking and COVID-19: Adaptability is the New Data,” examines the current context, customer behavior, and technologies financial institutions are looking into to support activities like onboarding, processing bills and cards, and more.
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The COVID-19 Moment
According to the World Economic Forum, COVID-19 is accelerating demands like seamless, hyper-personalized experiences. This shift is also reflected in increasing pressures for banks to increase their return on equities and decrease cost-income rations, while also calling for more efficient operations. Systems such as Open Banking, which allows third party applications to access bank accounts, were already disrupting the industry, splitting the value chain into distribution and manufacturing. At the same time, competition had increased from entities like Amazon, Facebook, Google, and Apple.
Amid COVID-19, consumers’ behavior is shifting, causing them to seek out new tools and technologies. WEF suggests that three trends will shape the future of banking:
- Over the next five years, new technologies will drive banking transformation: One technology that has seen increased demand is Cloud and Software as a Service (SaaS). It offers resilience, security, and scalability, lets products be created and changed quickly, and has low infrastructure costs.
- Forward-thinking institutions will use AI in their operations: From improving customer experience to offering personalization to fraud protection, artificial intelligence has great potential to support new business.
- To create digital ecosystems, banks will overhaul their business models: Digital transformation is beginning to change business models in banking, with WEF reporting that banking has great potential to become part of a platform of services.
What are some of the best ways to digitize banks for 2020? Get the scoop here!
A New World for Banking
Financial institutions across the world are reacting to an environment of uncertainty and increasingly turbulent evolution, brought on in part by COVID-19, where the real connection with consumers and responsiveness is being challenged.
In many cases, ingrained culture is still a barrier to the changes needed to make the market more digital. Companies across all sectors not only need to articulate a vision for a future of increasing customer expectations, greater competition, new delivery channels and advancing technology, but also must provide the resources to become digital financial technology organizations.
There has never been a greater need for transformational change, rather than simply relying upon incremental adjustments to the same business model. This need begs the question: are the main sectors of the current economy, such as banking and finance, moving fast enough to meet consumer needs and compete against highly agile competition?
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Download the eBook
Are you curious about banking’s changing landscape amid COVID-19? We invite you to download our eBook, “Banking and COVID-19: Adaptability is the New Data,” to gain a new perspective on the intersection of COVID-19 and banking.
