Fintech Digital Transformation Challenges During COVID-19

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The following is a sponsored post by Tracy Schlabach, Senior
Manager, Product and Customer Marketing, Accusoft.

Digital transformation has been on the radar of most financial
institutions for years. In a
2020 Digital Transformation Survey
by BDO of financial services
professionals, 68% of respondents in 2019 saw a growth in revenue
directly related to digital investments. While many have made
digital transformation a priority, some have faced roadblocks
including risk-aversion and lack of corporate sponsorship.

With COVID-19 sweeping the globe, priorities are shifting,
emphasizing the need for digital transformation. As noted in a
state of the industry report authored by the
Institute of International Finance and Deloitte
, “COVID-19
has generated leadership and organizational support by highlighting
the need for digital transformation as a means to reach customers
and maintain operational resilience.” Of those surveyed by BDO
prior to the COVID-19 outbreak, 36% see industry disruption as the
primary digital threat. In addition, a recent survey by
IDG Research
states that 59% of respondents are seeing an
acceleration of digital transformation in their companies driven by
the pandemic.

Now that implementing the digital strategy has taken center
stage on the fintech roadmap, developers are looking to meet the
needs of leadership as well as customers and employees in a timely
and budget efficient manner.

What Is Digital Transformation?

The name digital transformation embodies a wide assortment of
initiatives, from the customer engagement experience to
transforming legacy systems. In an article by
The Financial Brand
, financial executives were asked to select
their top digital transformation priorities for 2021. Out of the
long list of initiatives, four of the highest priorities are:

  • Improve Customer Experience
  • Improve Use of Data, Analytics, and AI
  • Enhance Innovation Agility
  • Improve Back Office Efficiency

Financial institutions are prioritizing several diverse
initiatives to remain relevant during the global pandemic. Project
managers need to shorten development time, meet executive mandates,
and launch products that significantly improve the employee and
customer experience.

SDK and API Integrations Streamline Fintech Development

Development teams can effectively meet those timelines by
partnering with software manufacturers who build and maintain
software development kits (SDKs) and application programming
interfaces (APIs). Developers can integrate these SDKs and APIs
into their product offerings to add unique document processing
capabilities. By partnering with a high-tech software solution,
your team can save development time, shorten sprints, and reduce
maintenance cost. While these are significant benefits, partnering
and integrating third-party software manufacturers come with many
advantages, including the ability to:

  • Remove the burden of building and maintaining extensive
    document processing libraries
  • Access the manufacturer’s support and engineering team who
    can assist with implementation and resolve issues
  • Significantly reduce time to market of your product

Let’s take a deeper look at each of these advantages.

Integrate vs. Build & Maintain Document Processing
Libraries
– Consider how many different file formats are
available in the market for submitting data to financial
institutions.  Fintech users receive everything from Word documents
to PDFs to images taken with cell phones. All of those file formats
need to be taken into consideration when building a fintech
application that streamlines the process of capturing data from
those files. Building out libraries of code that can address every
possible option is extremely cumbersome and time-consuming. 
However, developers can leverage an SDK or API that has been
developed specifically for document processing and open up time to
focus on their core competencies.

Access to Support and Engineering Experts –
When financial institutions embed third-party document and image
processing solutions, they are also gaining access to a team of
experts. At Accusoft, each customer has access to technical support
and product developers that have helped hundreds of companies with
implementing and utilizing these document processing SDKs and APIs.
Digital transformation is a pressing concern for financial
organizations. You can help them meet their needs with our SDKs and
APIs. Get this new functionality up and running quickly in your
application so your developers can focus on more mission-critical
tasks.

Reduce Time to Market – As noted in the
report by BDO, “Most financial services companies anticipate high
returns on revenue and profitability from digital
transformation.” Project managers that prioritize research and
implement third-party software solutions can significantly reduce
the time to market. This, in turn, will allow their company to
realize profits faster than their competition.

With the recent changes in the world, the need for digital
transformation is not slowing down.   Financial institutions that
prioritize those initiatives and research ways to develop and
implement their new offerings quickly will be ahead in realizing
revenues and returning profits to shareholders.

Accusoft is a software development company specializing in
content processing, conversion, and automation solutions. From
out-of-the-box and configurable applications to APIs built for
developers, we help organizations solve their most complex content
workflow challenges. Our patented solutions enable users to gain
insight from content in any format, on any device with greater
efficiency, flexibility, and security. Visit us at www.accusoft.com

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Fintech Digital Transformation Challenges During COVID-19

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