With unforeseen obstacles witnessed by all businesses pandemic presented by the pandemic, fintechs have demonstrated their immense flexibility to adapt to the situation. Companies have reported increased yearly growth as well as customer acquisition and retention. Marius Galdikas, CEO at online banking service provider for internet-based companies ConnectPay, shares why investing in user experience (UX), cyber security, and robotic process automation (RPA) will remain key factors of resilience in the future as new challenges emerge.
Emphasis on customer-centric approach
Companies that aim to strengthen their customer-centric approach will be better equipped to handle any shocks to the system, with 72% of people rating personalisation as “highly important” in today’s financial landscape.
“The pandemic propelled customer-centricity so much that experts are now banking the future of financial services on hyper-personalisation and, without a doubt, companies that put the customer first will thrive in the future,” commented Galdikas.
Cyber security main focus
Financial fraud has been rocketing due to the e-commerce boom and more consumers trying out digital banking and investing. At the current rate, by 2024 online payment fraud is expected to increase around 130%. Countries have already raised serious concerns, for instance, the United Kingdom, which deemed the surge of cyber-attacks a “national security threat”. In order to bolster cyber-resilience, Fintechs will have to look into incorporating more artificial intelligence (AI) and other cutting-edge solutions.
Given the rise of fraud attempts and mass UX personalization, prioritizing increased productivity in processing these new variables could allow Fintechs to gain the upper hand in their competitive sector. With robotic process automation, businesses may use software to mimic a human worker, performing routine and low-skill tasks. In addition, robotising menial assignments produces consistent and high-quality outputs at a much quicker pace, as human limitations are taken out of the equation.
The pandemic has provided Fintechs with concrete challenges related to adaptability, deepening digital integration, and changing consumer trends. Despite its unique context, it has revealed what qualities allow for a resilient response to adversities. As fintechs continue to be agile innovators of technology in times of need, correct investments will be instrumental in driving continuity.