Every industry is going through changes and revamps in strategies in the COVID-19 era. Where is the financial services industry headed to? What lies ahead for the banking sector? We aren’t sure of how the markets will evolve and what lies ahead for this industry. Well, there will be new trends for sure and those that will impact the finance and accounting outsourcing companies, and the industry as a whole, in the coming 5 years. These trends will also help banks understand how to adapt in the best way possible so as to thrive in the future.
By 2025, experts predict three macro trends, which have a significant impact on banking:
The demand for bespoke products and services is on a rise in today’s times and so, financial institutions will have to resort to digital technologies like never before and invest in huge volumes of data to be in a position to predict the customers’ behavioural pattern. Competition is sure on the rise and so are the offerings to customers. Spoilt for choice, the customers will certainly be expecting immaculate service and convenience of the next level.
This will entail banks to calculate their specific needs and fulfill them accordingly so as to deliver services on-demand and with minimal or without any sort of friction. This is a world of optimised reality and in a bid to survive, the banks will have to keep pace. And, for that, they need to shift gears from being siloed and product-led to just being innovative, experiential, and agile.
Revamping the Planning Process
Financial institutions have a way of functioning that might appear complex to many. They can work towards making it open, easy to be deciphered and sustainable. The people at the helm need to think and plan from a holistic perspective, based on global demands for systems and practices, which will finally be crucial for the long-term success and impact on the world.
Focusing on Financial Betterment
Expectations keep changing and banks have to keep pace with those changes. It’s all about switching to a new banking model which focuses on boosting the customer experience. Financial institutions this way can be reframed to become enablers heralding financial betterment.
Financial services institutions need to lead with morality and help the communities at large for a more responsive and upright tomorrow. This way the customers will also perceive banking institutions as those with social purposes. They need to also provide extensive solutions to vulnerable communities, many of which remain unbanked at large.
The banks that can show the way will be the ones to lead in future. With the aid of technology like AI, RPA, and others, they will be able to connect the dots of business knowledge, reach out to communities at large and go for proactive decisions in real-time for the end benefit of the customers.
Writer Information offers innovative and bespoke solutions across the entire data lifecycle which help store and digitize information, curtail the increasing transactional expenses, streamline the information flow and provide intelligent business insights. Our solution offerings for the Banking and Financial Services industry are:
- Secured Storage Services
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We look forward to a world of banking and finance, where financial institutions will integrate emerging technologies, show greater flexibility in adopting newer business models and transform to incorporate customer centricity in every sphere of their operations.
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- Date: 22-07-2020