EVOLVE FROM WITHIN

 

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.

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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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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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