Fintech Today curates the latest news and trends in the financial technology industry. In this roundup, we’re covering what banks and other financial organizations can do to thrive amid, and post, COVID-19. This includes keeping customers front and center of business and technology decisions, investing in secure remote solutions, and prioritizing responsible banking.
CUSTOMERS MUST BE FRONT AND CENTER OF BUSINESS AND TECHNOLOGY DECISIONS
COVID-19 has helped banks prioritize many different aspects of their businesses. “What is clear is that both banks and insurers are committed to putting the customer front and center of their business and technology decisions. Chetan Kandhari, SVP, Chief Innovation Officer and Digital Officer, Nationwide Mutual Insurance Company and Navy Federal Credit Union CEO Mary McDuffie, agreed that tech tools like AI, are enabling banks, credit unions, and insurers to emotionally connect with the customer.”
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SECURE REMOTE SOLUTIONS WILL HELP BANKS STREAMLINE OPERATIONS
Currently, most, if not all, banks and financial organizations are operating remotely. But in order to ensure successful operations and ultimately achieve customer satisfaction, banks need systems that are built to support business continuity. “Getting secure, remote access right is a challenge for banks,” explained industry leader, Douglas McCuaig of Cognizant. “The key is to balance workable, short-term solutions with an eye toward creating an overall, permanent strategy for digital operations. Banks can then focus on improving their WFA collaboration platform to drive productivity and a better experience for employees, partners, and customers; and designing the end-to-end digitization of their business.”
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RESPONSIBLE BANKING IS MORE IMPORTANT THAN EVER
The pandemic is reshaping consumer banking behavior in significant ways. Customers now demand greater flexibility – with security – and, more importantly, responsible banking. “For all banks, behaving ethically and doing the right thing will be important to consumers’ purchasing decisions. [According to an EY survey], more than half of the respondents indicate that their future purchasing decisions will be impacted by banks actively supporting the community, being transparent in all they do, and ensuring they are doing good for society. Conversely, 44% say purchasing decisions will be negatively impacted where they see banks focusing on maximizing profits during this time.”
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