• Home
  • Who Attends?
  • Speakers
  • Key Themes
  • Agenda
  • Download Prospectus
  • Plan your visit
  • Register Now

Fintech Talents

Fintech Talents

Kallyas is an ultra-premium, responsive theme built for today websites.

T (212) 555 55 00
Email: sales@yourwebsite.com

Your Company LTD
Street nr 100, 4536534, Chicago, US

  • Home
  • STAGES
    • FTT Open Finance
    • FTT Embedded Finance UK & Europe
    • Future Identity Festival
  • Agenda
    • FTT Open Finance
    • FTT Embedded Finance UK & Europe
    • Future Identity Festival
  • Who Attended
    • SPONSORS
    • SPEAKERS
    • ATTENDEE LIST
  • Register your interest
  • Image Gallery
    • Party Pictures

Content

STAY TUNED

In a post-Covid world, the road to recovery turns into a race

by Our Community / Tuesday 16 March 2021 / Published in Blog, Community, Content, Featured, Fintech, Innovation

In 2020, the banking industry focused its attention on quickly shifting tried-and-true business models to accommodate restrictions related to the Coronavirus pandemic. A year later, virtual experiences are now the norm and financial leaders are looking toward a post-COVID future. The road to recovery in the banking sector will be a long one – requiring not only a shift in organizational thinking but a reimagining of how banks operate and compete in 2021 and beyond.

A different perspective

The effects of COVID-19 will be felt for years to come, even if life eventually returns to “normal.” In banking, however, there may never be a “normal.” A report by IBM suggests, “The different normal touches every corner—virtual and otherwise—of financial institutions. Organizations need to adopt both a holistic perspective and a granular approach. They need to transform operations end-to-end to achieve structural cost savings, succeed with extreme digitization on the cloud, and achieve operational resiliency.” Banking industry leaders are in a position where they must understand that the only economic certainty they can plan for is uncertainty. Priorities will lie in ensuring uninterrupted and streamlined services for banking customers in the event that the economy takes a turn for the worse and sudden demand for financial assistance skyrockets again.

What does this mean for banks looking to compete with emerging fintech startups?

It’s time to get creative and nimble. This rings exceptionally true for smaller institutions with limited resources like credit unions, says Kelly Wagner-Grull, director of innovation & member experience at Credit Union of Colorado. With contingency and customer accessibility top of mind for financial institutions, banks are taking an introspective look at their current operations – identifying opportunities to leverage technology, and using data and automation to create a personalized banking option that delivers on specific customer needs.

Credit Union of Colorado did this well by launching its video banking solution at the height of the pandemic. In five weeks, its team created a solution leveraging existing technology to deliver a collaborative and consultative experience that kept members safe. Once a minimum viable product was in place, the team was able to look deeper and identify ways to continue delivering on what the member experience should be and improve upon it. By creating a personalized experience that effectively mimics the human connection with a banker in the physical world, IBM states that this model will generate its own unique value by “understanding how digital relationships can truly create closeness and positive impact even during crises such as a pandemic lockdown.”

Banks looking to keep up with their fintech counterparts in 2021 and beyond must consider the time and investment necessary to create personalized digital experiences. According to CDC Federal Credit Union President and CEO Australia Hoover, choosing a path towards digitization will require a clear understanding of the overall end goal.

“Don’t be afraid to take a chance to make someone’s life better. If you fail, fail fast and move on quickly. Learn from early mistakes and improve upon them as you go. The other side is usually much better than where you started,” said Hoover.

Harvard Business Review neatly outlines potential tactics for banks to consider in executing on this journey. In a competitive environment where speed and efficacy is critical to long-term success, traditional banks would be best suited to shift away from identifying fintechs as direct competitors looking to eliminate the very existence of legacy institutions. Instead, banks must collaborate and partner with emerging fintechs to create mutually beneficial relationships. By working together to solve a common goal – contingency and accessibility – these organizations will be best equipped to meet the needs of their financial customers.

Creating partnerships that capitalize on both the legacy and recognition of long-standing financial institutions and the speed and agility of highly specialized fintechs will supercharge economic recovery efforts and secure the longevity of banks for future generations.

What’s next?

In the digital era post-pandemic, banks must continue to embrace technology and remain focused on the most important task at hand – providing continued essential services to their customers. In order to do this effectively, banks should see fintechs less as the opposition to be destroyed and more so as additional reinforcements. Embracing the highly specialized roles of fintechs and leveraging similarities in company DNA will ultimately provide a sense of ease and security for the end user.

Cassie Gonzalez, Senior PR Associate, KCD PR.


Tagged under: banking, COVID-19, fintech, innovation, KCD PR, Recovery, Splash

Recent Posts

  • Fintech event

    FTT Lending 3.0 onsite interview with Nick Jones

    On 30th March our community came together for F...
  • Fintech event

    Connecting Underserved Communities to New Financial Technologies

    Underserved communities have historically had a...
  • Fintech event

    In conversation with Keyless at Future Identity Finance 2022

    On 26th April our community of identity industr...
  • Fintech event

    In conversation with Velexa at FTT Embedded Finance & Super Apps 2022

    On 26th April our community of innovators and i...
  • Fintech event

    10 Things we love about FTT Embedded Finance & Super Apps

    Technology changes, coupled with the boom of e-...


  • Home
  • Events
    • Fintech Talents North America 2022
    • FTT DeFi 2022
    • FTT Embedded Finance – North America 2022
    • Fintech Talents Nordics 2022
    • FTT Building Societies 2022
    • Fintech Talents London 2022
    • Future Identity Festival 2022
    • FTT Lending 3.0 2023
    • FTT Embedded Finance UK & Europe 2023
    • Future Identity Finance 2023
  • On-demand Content
    • Interviews
    • Opinion
    • Videos
    • Digital reports
  • VC INNOVATIONS – Accelerated Marketing
  • facebook
  • linkedin
  • youtube
  • twitter

GET IN TOUCH

T 0208 0045 517
Email: info@vcinnovations.co.uk

VC INNOVATIONS
1 Quality Court, London WC2A 1HR

Open in Google Maps

QUICK LINKS

  • Home
  • About VC INNOVATIONS

Connect with us

  • facebook
  • linkedin
  • youtube
  • twitter

RECENT POSTS

  • Fintech event

    FTT Lending 3.0 onsite interview with Nick Jones

    On 30th March our community came together for F...
  • Fintech event

    Connecting Underserved Communities to New Financial Technologies

    Underserved communities have historically had a...
  • Fintech event

    In conversation with Keyless at Future Identity Finance 2022

    On 26th April our community of identity industr...
  • Privacy Policy
Fintech Talents

© FinTECHTalents 2021. All Rights Reserved.



TOP
Apply now



Register your interest



Complimentary pass



Rockstar pass

Get your Rockstar Pass


Virtual Free Pass



Virtual Premium Pass



Virtual premium + VIP dinner



Virtual premium pass + VIP dinner

Virtual Premium Pass

Register your interest





Virtual Premium Festival Pass



Rockstar Festival Pass



Pay your deposit


Premium Pass

Get Your Rockstar Pass


Re-subscribe



Enquire Below



Reserve your Place



Apply for your Free Pass



Discounted Pass - Apply Now



Discounted Pass - Apply Now



Standard Pass(es)

Premium Pass(es)

Free Pass - Apply Now



Premium Pass(es)

Standard Pass(es)

Virtual Premium Pass(es)

Premium Pass



Building Societies & Credit Unions Free Pass



Standard Pass



Virtual Premium Pass - Buy Now



Apply Now



Apply now



Download the Report



Apply Now



Free Pass - Order Now



Free Pass - Apply Now



Rockstar Festival Pass - Buy Now



Fintech Talents pop up pricing table 1



Apply Now









This website uses cookies to give you the best experience. Agree by clicking the 'Accept' button. Read our Privacy Policy.