Fintech, along with advanced technology, is revolutionizing the world of finance.
FREMONT, CA: Dynamic customer expectations, increasing regulatory complexity, and other factors are pushing the organization for renovation and innovation. Also, the rising number of Fintech firms and solutions over the years has completely changed the financial services landscape. Rather than technology, digital transformation in financial services is an integral part of a successful business strategy. Digital transformation in the financial sector has enhanced employee and customer experience by meeting regulatory deadlines and ensuring cost-effective processes while remaining highly competitive.
Social distancing and lockdowns are stressing people to stay indoors or go outdoors only to purchase essential items. This has forced the quick adoption of digital technology across the globe. The latest report found that the United States, which has conventionally lagged in digital adoption, is experiencing an all-time high in the number of check deposits and mobile logins. The major contributors to this emergence are baby boomers and senior citizens who have been usually slower to adopt the digital channels. The lockdown has found a race among retailers to set up e-commerce potentials to capture sales. With consumers shifting to online buying, there has been acceleration towards digital and contact payments.
Previously, financial firms hardly imagined their workforce working remotely. But, the COVID-19 pandemic has made financial services companies develop a remote work model. Bandwidth problems aside, this transition is largely successful due to digital disruption in financial offerings. Most financial firms have even committed to making the remote working model permanent.
Even though financial firms have enjoyed stability for years, the COVID-19 pandemic has powered margin pressures for firms. Insurers are fighting lowered premiums and high claim costs due to the market context, while on the other hand, banks are impacted by mitigated interest rates. Though it is complex to predict the economic downturn duration, it is forcing financial services firms to operate effectively and efficiently to remain competitive in the industry. All these evolutions will substantially affect buying, building, and partnering decisions for incumbents and start-up financial firms.
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