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.
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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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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.
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Many see 2020 as a year “stained” with economic hardships and social alienation. But in the financial technology sector, 2020 is just the opposite. 2020 has been an incredible year of innovation: with the acceleration of banking digitalization, and numerous new products and services to aid economic recovery and the new reality of virtual living and working.
This new context of a virtual world has redirected the digital strategy of banks and their traditional banking business models. The rise of digital banking through the web and mobile digital channels has optimized these platforms and changed the customer engagement strategy. It has also indirectly lead to more financial inclusion, now the unbanked and underbanked have even easier and cheaper access to financial tools.
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Exceptional data management is essential for all financial entities, not only in terms of security, but for the realization of day-to-day operations and management strategies. Excellence in this area alone can make or break a financial player, as well as set them up for leadership in the market.
In an August publication, TechGenyz, a technology media outlet, summarizes the importance of a clean and efficient data management system and focuses on its fundamental capabilities: integration, automation, organization, and analytics. Data management system empower both organizations and users with the best quality data, cloud accessibility, 24/7 availability, and reliable security (password-protected). Examples include the automatic repair of phone numbers written with extra spaces, and the elimination of duplicate files to prevent the sending of the same message to a customer.
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