In a year that was fraught with challenges, we found our readers turning to content that helped them to manage these pain points and find solutions to support them through the pandemic and set them up for success. From natural disasters to the Paycheck Protection Program, and even data monetization, Financial Technology Today covered top trends in the banking and insurance sectors. Continue reading to find out more about our three most popular articles in 2020.
Natural Disasters Shook the Insurance Industry
Even today, the impact of 2018’s natural disasters continues to make waves in the industry. “Fires, floods, and hurricanes seemed to be all over the news in 2018. From Hurricane Michael to the massive California wildfires, natural disasters struck the U.S. with full force leaving residents, emergency personnel, and insurers reeling. Sure, FEMA and rescue groups do what they can, but at the end of the day, it’s up to insurers to replace what once was, and this can have a devastating impact on unprepared companies.”
Read the full article here.
Managing Paycheck Protection Program Loans with Upgraded Digital Solutions
As a result of COVID-19 in 2020, the Paycheck Protection Program (PPP) was created to help small businesses across the country. However, in order to streamline the PPP process, banks needed to upgrade their solutions. “Moving toward digital processes helps to better organize, ingest, and streamline information. This doesn’t necessarily mean eliminating all traditional and manual processes, but digitization is critical as both banks and businesses work to navigate the PPP process and effectively compete in the post-COVID-19 environment. In addition to upgrading, banks must make training a priority.”
Read the full article here.
Monetizing Data in 2021? Here’s a How-To Guide
Data monetization is accompanied by many challenges. “[Firms have found out that] there is indeed no “magic” to solving data monetization challenges. While the tools have vastly improved, and the power of BI buttressed by AI and Machine Learning has helped greatly with incorporating challenges like unstructured and disparate data (internal and external), that Yellow Brick Road journey still requires cultural and operational steps including empowerment of associated teams. There is not a lot of room for autocracy in achieving the best results. Foundational elements work best, and collaboration is a must. But ultimately, is it worth this kind of upheaval?”
Read the full article here.
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