The New Global Financial Technology (FinTech) Norm: Post COVID-19

Covid-19 has modified our businesses, communities, industries, and the entire world in a way we couldn’t have even thought of. All people still learn and adapt as quickly as the potential to retort to the continued crisis.


The new normal for banking

As in the countries across the world, the foremost priorities for banking and money service suppliers are focused on four key areas: 

  • making certain the security of the workers while maintaining productivity;

  • adjusting operating models and services to support customers and people who need the most assistance;

  • minimizing any operational disruption to stay services running while meeting restrictive & compliance obligations; and 

  • mitigating & managing risk.

 

 

While the arena has been at the forefront of digital transformation, the new normal has created it look beyond just a customer-facing digital layer, and develop overall capabilities that are integrated across each side of banking. The lockdowns exhibit a variety of challenges at small and macro levels and even organizations that are technologically adept face roadblocks in navigating the new normal in banking.

To know more about the new normal for banking, refer to these links:

Banking in the new normal: 

To know about reimagining banking in the new ways of the world,  Click here

Visualizing the New Normal in Banking: 

To read how the new ways Banking will be shifting, Click here

The new normal in banking: 

Here’s the ‘new’ operating model in banking - Click here

What the 'New Normal' Might Look Like in Banking: 

For an idea on the changes that banking might experience in recent times, Click here

 

Also Read: How covid 19 has helped the Fintech industry

 

FinTech will drive the new business model

Global investments in FinTech more than tripled in 2014, reaching more than $12 billion. In comparison, banks spent an estimated $215 billion on IT worldwide in 2014, including hardware, software, and internal and external services. This is a material number, and because it is so highly targeted, the FinTech spending will really make an impact.

To know more on the future of Fintech, refer to the following links:

The Future Of Fintech: 

To know about the New Normal After The Covid-19 in Fintech, Click here

Future of Fintech: 

Here’s the future of Fintech - Click here

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. This was a blog on the decentralized corporation. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below. 

 

About the Author: Sudeshna Dutta

Sudeshna is an engineer in making. She is a writer at OpenGrowth. Apart from dealing with circuits and chips, she is passionate about being a keyboardist and pianist and wants to attain professionalism in it with her talent coupled with hard work.

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups.

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