The continued coronavirus pandemic has essentially modified how companies consider their future methods going ahead into a brand new decade.
All through 2020 we heard that the pandemic is “accelerating” the adoption of digital applied sciences. Whereas that could be true, it has additionally uncovered the areas in dire want of change.
Banks and monetary establishments will take a look at their legacy expertise with an ever-critical eye this 12 months. Can the identical applied sciences that stored issues ticking over for the previous ten, 15, or 20 years be trusted to get them via 2021 and past?
Two of the biggest M&A offers in 2020 concerned the funds trade. Visa paid $5.3 billion for a (now cancelled) tie-up with Plaid, whereas Worldline spent $8.6 billion to purchase Ingenico. The funds panorama is a various one, regardless of mega-mergers looking for to consolidate the market additional.
Shoppers have shifted their preferences from the bodily to the digital. Cheques and money is out, playing cards and digital funds are in. New digital wallets, interbank switch companies, fee rails, and credit score suppliers are placing rising stress on trade incumbents.
Those self same altering client preferences create stress on corporations to offer up-to-date and easy-to-use interfaces, functions, and journeys for his or her customers. Consumer expertise and interface design is turning into a key battleground within the chilly battle of buyer retention, as conventional banks throw their weight behind aping digital newcomers.
Brexit has change into a actuality, and because the UK seeks to carve its personal path regulatorily from the EU, these in compliance departments ought to be able to climate a storm of latest regulation, and assembly twin necessities to proceed coordination throughout their European operations. A brand new administration within the US, set on rolling ahead for stringent regulation, also needs to be factored into issues.
Cybercriminals proceed to focus their consideration on monetary establishments. Whereas the trade has among the tightest protections, all it takes is one free hyperlink within the chain for the unhealthy guys to get away with reputationally damaging breaches of information. As banks swing in the direction of a extra technological focus, the place does the accountability for preserving out the hackers lie?
FinTech Futures has polled the trade for its enter on the traits, applied sciences, sectors, and methods essential to success in 2021. From digital banking to the again workplace, from cryptocurrency to cybercrime, we’ve gone to the market to search out out what’s making the trade tick.
The report additionally options skilled perception from the report sponsor ServiceNow, and Keith Pearson, the agency’s monetary companies head for Europe, Center East and Africa.
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