The banking sector has had to face many challenges over the years, and crises such as the one we have witnessed in 2008, have left deep marks in the financial industry, but have also created opportunities. The times of economic difficulties have exposed banks’ weaknesses and shortcomings, showing just how unprepared financial institutions are in the front of such turmoil, while at the same time helping banks identify their weak spots and improve their services.
The aftermath of the global economic crisis that took place in 2008, saw many financial experts that were out of jobs, and a need for new and improved banking services, that would make people regain their trust in financial institutions. And that is how the fintech industry caught its break. Now predicted to be the future of finance, fintech companies are leading the way towards a digitalized, technology-powered financial environment, that can better withstand any challenges that will be thrown at it.
Going forward, the rise of fintechs have also made an impact on banks, as the latter have started to incorporate technologies more and more in their processes, in order to be able to compete with financial technology companies. But this isn’t the only reason why banks have started to accelerate their digital transformation process; economically turbulent times have revealed that the adoption of technology can result in greater resilience and a better chance of survival. That is why an increasingly large number of financial institutions are keen on introducing banking software solutions, and are hiring specialized companies to help them digitally transform.
Technologies such as artificial intelligence, big data, cloud computing, or machine learning are not only useful during stable financial times, but can help banks sail smoother through treacherous waters as well. An excellent customer service, great online and mobile banking services, and a customer-centric approach, will keep clients close even in the most challenging of times, while banks that haven’t embraced digital change will suffer the loss of customers. Nonetheless, building a loyal relationship with clientele is not enough; banks have to continuously improve and update their services, using all the data that they gather on both their customers and competitors.
The banking sector has evolved tremendously in the last decade, and part of why this has happened is because it has learned from past experiences. Difficult financial times have brought up banks’ vulnerabilities and have determined financial institutions to embrace banking software solutions more. Technology in banking is vital during a crisis, and being prepared for critical situations implies constant investment in new technology and digital awareness.
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