Many businesses have suffered and continue to struggle with the aftermath of the ongoing Coronavirus pandemic, the financial services industry was no exception. We saw established business models upended and many companies forced to completely adapt the services they offer to customers. If there’s one positive to take away from all this, it’s the fact that this has highlighted just how important fintech is to the economy. Yes that’s right, in 2020 fintech became more important than ever. With many companies rushing to embrace digital transformation in response to the pandemic, here’s how fintech trends will grow in 2021.
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More Pandemic Preparation
With the restrictions changing so much, many have been forced to look at their remote workplace guidelines and adapt. Other industries such as retailing and manufacturing have had to rethink their supply chain infrastructure, financial services will continue to reassess their fintech applications to avoid any further challenges. In order to get the financial industry up and running again, we expect many to be focusing on making their processes “pandemic proof” through tasks such as: easier file conversion, data capture tools and better document viewing. Fintech this year will be about finding ways to make error-prone manual data entry tasks more functional. We suspect auto-generation will be key!
Banking Partnerships
A recent study showed that the pandemic removed many of the barriers in the financial industry when it comes to digital transformation. The crisis forced many established firms to pool resources into their tools and led to more banks engaging with innovate startups. In 2021, they will need to find ways to integrate and roll out new services to help keep the economy moving.
Customer-Centric Services
In 2020, we learn that the industry needs to move towards cutting down on external software dependencies and focus more on automating routine tasks. Customers no longer want to spend time filling out lengthy forms over and over again. The pandemic was, and is, frustrating to a lot of us and businesses need to focus on putting customers at the heart again.
Solving your Fintech Challenges with FINOVATION
Here at FINOVATION, we provide a wide range of services that help you commercialise, scale and sell! One of which is our advanced BI system that not only allows businesses to consolidate data but also pinpoint key points and valuable knowledge. This helps businesses better understand and identity future goals and how to stick with them. We can also help you boost your presence with our affiliation program too.
To learn more, contact FINOVATION and speak to a FinTech professional today who can answer your questions and assist you with making your business better.
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