EVOLVE FROM WITHIN

 

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.

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While stay-at-home orders are being lifted by most governments, the new pandemic environment has forever transformed the world. Social distancing has altered human behavior and norms, and most dramatically our way of living and working. Our hyper-virtual lives have invited a new level cyber risk, especially with the surge of global fraud rates. It is, therefore, the responsibility of both financial service providers and users to build a safer digital banking environment and culture of digital risk safety.

PwC’s 2020 Global Economic Crime and Fraud Survey shows telling stats, with 47% of respondents reporting fraud in the last 24 months; and even more alarming, the months of January to June saw a 70% increases in attacks. PwC explains that increase in fraud has a direct correlation with times of crises and recessions, so it is no surprise we are seeing these numbers during the pandemic. What makes this more serious is that now our society has become dependent on digital ecosystems for everything, one of the most important being the access to digital banking. And unfortunately, PwC says this is one of the most targeted fraud areas.

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