Digitalisation is no longer a nice to have, it is a means for survival

https://thefintechtimes.com/digitalisation-is-no-longer-a-nice-to-have-it-is-a-means-for-survival/?utm_source=rss&utm_medium=rss&utm_campaign=digitalisation-is-no-longer-a-nice-to-have-it-is-a-means-for-survival
http://thefintechtimes.com/wp-content/uploads/2020/06/Music-note-ribbon-300x154.jpg?#

COVID-19 is having a
transformative
effect across societies, economics and offices.
The tremors of this crisis have been felt in every aspect of life,
highlighting the need to be able to adapt rapidly.

The impact of the Coronavirus has been a shock reverberating
across every aspect of our lives and in every business. In the
financial sector, the current global pandemic is forcing the hands
of both
fintechs
and established
financial institutions
to prepare for a post-COVID-19
world.

As many
countries
are beginning to relax, or look at relaxing, measures
imposed as a result of the crisis, institutions need to be ready to
rapidly evolve to address a very different world and a possible
recession. The future of financial services is a moving target, and
institutions must streamline their operations and be able to
cost-effectively bring the right products to the right
customers.

It is important that companies are able to adapt in order to
ensure a smooth reopening of financial markets and the economy,
whether that be digital or physical. Being agile won’t just save
us, it will sustain us to succeed in a market that keeps changing,
you need to be able to move quickly and be agile, composing new
products and services faster.

Even with restrictions relaxing in many countries, the
expectation is that many employees will continue to work from home
and that face-to-face interactions will continue to be limited. The
value of enabling an agile workforce through digitalisation has
increased even more. Simply put, new solutions are needed across
many industries, and the push for digital remains a top priority.
There are also millions unable to work who are receiving support
from governments backed by banks and financial institutions by
implementing measures like payment holidays and delayed interest
payments. This is where the ability to be agile and flexible, and
work in a dynamic environment is vital.

Investing in digitalisation and putting it at the center of the
business strategy provides a competitive edge and longevity. To
build the best experience, financial institutions need to start
changing with the market, instead of hoping the market will stop
changing.

composable banking

Enter composable
banking

Today, even the simplest banking service involves a complex
orchestration of core systems, transaction processing,
decision-making, reporting, analytics, authentication, security and
more. Monolithic platforms make it harder to incorporate the latest
capabilities and tools, and the opportunity for financial
institutions today is to replace any component whenever needed
without embracing new technical risk.

Composable banking is a new approach to building banks and
lending businesses that treats change as a constant. It is about
having the control to use fit-for-purpose technologies to precisely
compose the right design and delivery of financial services
infrastructure. With fintechs coming in and attracting customers
with digital offerings, it becomes increasingly important for the
established ones, like the big banks, to work on retaining their
customers by digitising, and fast. To serve an agile market,
financial institutions need to compose new products and features
faster than everyone else to predict demand and to serve existing
customers better.

Composable banking offers innovative solutions for organisations
to create their own architecture for new products and services
faster. It helps financial institutions create modern customer
experiences to compete in the fintech era — and constantly evolve
them to respond to change.

The post
Digitalisation is no longer a nice to have, it is a means for
survival
appeared first on The Fintech Times.

https://thefintechtimes.com/digitalisation-is-no-longer-a-nice-to-have-it-is-a-means-for-survival/?utm_source=rss&utm_medium=rss&utm_campaign=digitalisation-is-no-longer-a-nice-to-have-it-is-a-means-for-survival