Banking Innovation
Banking has been on the road to transformation for a while. 2021 is ripe for big moves. There’s a renewed focus on digital and mobile user experiences, more personalisation and automation, all fueled by changes accelerated by the pandemic and the challenges this year put in front of the industry. 2020 accelerated digital transformation and proved how important it is to have digital customer touchpoints and great digital experiences. More changes to infrastructure, innovative uses of data, and investment in technology will be at the leading edge of banking in 2021 as the demand for digital remains.
Banking
Digital Banking & Infrastructure
JD Power Survey reported that the 4 largest US banks saw digital useage reach 72% in April 2020. As consumers shift to expect digital, challengers have been more agile to keep up with demand. Incumbents need to focus on infrastructure upgrades to support this shift.
SMB Banking
Small businesses have been the last group to get proper attention from banks and fintechs, and the issues have been stressed by COVID. For example, challenges dispersing PPP funds to small businesses showed there's an urgent need for faster, more agile, simple banking.
Collaboration
Collaboration and partnerships between banks, fintechs, tech companies, and startups are vital to the future of the industry to keep pushing forward and see innovation at scale. We're all for breaking boundaries, and together the possibilities are amplified.