EVOLVE FROM WITHIN

Financial businesses (FBs) with digital financial services must invest in their cloud infrastructure. This important technology enables immense scalability, seamless interaction, and accessibility anytime, anywhere, and from any device. And not only that- but, the flexibility and agility it offers FBs and users results in immense cost and time savings.

But, what about the Serverless cloud modality? This post will elaborate on the additional benefits of this amazing technology.

The COVID-19 pandemic has been a driving force for the financial digitalization of millions globally, resulting in an immense rise or even take-up of digital banking platform usage by financial users. This new trend has a plethora of advantages both for users and financial businesses (FBs), and our COBIS Everywhere solution was specifically designed to empower this transformation- the need for reliable, agile, and secure virtual financial products and services, anytime, and anywhere.

The hyper-competition triggered by the global pandemic challenges financial businesses (FBs) to not only innovate their offerings, but prioritize the user experience (UX), to truly capture the attention of the financial customer. Since, today’s financial end user prefers digital banking services, FBs must respond to this need to stay relevant.

 Digital banking solutions must pay more attention to the UX of their digital channels, with personalized offerings optimized to deliver a satisfactory user experience for each unique customer niche. Knowing this, now is the time to evaluate systems, upgrade, and integrate solutions to the wider range of consumer segments adopting digital banking, and to successfully compete in an environment of constant digital innovation and disruption.

The COVID-19 pandemic has been a driving force for the financial digitalization of millions globally, resulting in an immense rise or even take-up of digital banking platform usage by financial users. This new trend has a plethora of advantages both for users and financial businesses (FBs), and our COBIS Everywhere solution was specifically designed to empower this transformation- the need for reliable, agile, and secure virtual financial products and services, anytime and anywhere.

The digitization of the financial services industry has transformed the way individuals bank. One key trend is paperless banking. Financial technology advancements, such as mobile banking, contactless payments, and digital currencies, are making physical paper superfluous, even for paperwork and money. Some market analysts predict that paper in banking will be “extinct” in the next decade. Below, we analyze the impact of the paperless trend and its benefits.

Since its inception, one of the key characteristics of banking has been the ability to handle large volumes of information recorded on paper, which in the past few decades were necessary. Now, almost all aspects of the management and delivery of products and services can be fully digital. If the financial sector committed to a complete transformation to paperless banking, the face of banking would forever be changed for the better.

A key change in 2020 was the way we bank. Due to pandemic and busy work schedules, today’s bank users prefer to solely engage in mobile banking. These new customers now expect a complete digital banking experience at their fingertips, anytime and anywhere. They demand the same security, personalization, technical capabilities, accessibility, and customer service of visiting a branch, but with the reliability and ease of virtual access.

Of course, the brick-and-mortar bank isn’t going anywhere, however, the last year accelerated a trend that was already underway: customer-centric banking for the new, even more digital end user.

No one would disagree that 2020 was a transformative year in terms of how we live and work. This transformation required individuals, businesses, and institutions to fully embrace technology. COVID invited new virtual requirements: remote working, challenges of pandemic living and operating business.  And financial sector was no exception. Digital transformation in finances is not a new story, financial technology has empowered financial businesses for decades now, pre-COVID there was massive investment in the cloud, mobile banking, e-payments, and many more. What 2020 showed the industry was that these investments were no longer an option, but crucial to survival.

2021 is shaping up to be an exciting year, the financial sector will need more than just digital endurance to pivot through the temporary hurdles of the pandemic and changing socioeconomic environment. Financial players will need to invest in their long-term “financial equipment and overall fitness,” what we call financial agility. With this context, let’s dig deeper into the key trends experts believe will shape the 2021 financial technology market.

The pandemic has completely transformed our way of living, including the way we bank. Digital capabilities were already visible pre-COVID, but now the need for financial institutions to digitally transform is even more imperative, and cloud investment is a great first step.

In todays’ world both organizations and individuals are dependent on constant digital access. They want access from multiple devices, from anywhere and at any time- this connectivity is made possible by the cloud. And it becomes even more intricate when it comes to the delivery of financial services, this is due to security concerns, user data sensitivity, massive storage requirements, and more. Therefore, choosing the right cloud infrastructure for your financial entity is key.

Financial accessibility has been a challenge from the beginning of the banking. But with the advent of digital finance, this challenge has created a great opportunity for all the players involved- banks, nonbanking entities, customers, and even led to the inclusion of those underbanked or unbanked. One of the most transformative solutions in the digitization of banking is digital lending.

 Digital lending transforms traditional credit products and services, and empowers both financial entities and customers with: better credit decisions; streamlined, “stickier” customer experience; and significant time and cost savings.

And now with COVID, the need for digital lending has never been more crucial.  Compulsory confinement, social distancing, and remote work has altered the everyday lives of everyone, including their finances. Although, the adoption of digital channels, electronic payments, and remote working were made popular pre-COVID, now they have become even more essential components of financial users.

The 2020 COVID pandemic has taught us organizations need agility. Now more than ever, they require the ability to adapt and pivot to unforeseen events, and the flexible work systems to execute under atypical circumstances, such as remote environments. One of the best methodologies to achieve agility in your organization is Agile Methodologies.