How will we see innovation within financial services during COVID-19?
The world economy has slowed in response to the recent novel coronavirus pandemic. Tourism, food and beverage, and travel businesses have shuttered their physical and virtual doors, for the most part. Some critical industries soldier on either with business as (nearly) usual or in a more virtual capacity. This unexpected economic condition may cause the accelerated adoption of new and emerging technologies.
What have we seen so far at Synaptiq? Some of our clients have accelerated plans already in motion to activate secure cloud services, deploy company-wide video conferencing tools, and implement machine learning technologies. Others have accelerated plans to incorporate AI into their product strategy in hopes of meeting customer demand and differentiating from competition. In the weeks to come, we explore what our clients are doing to implement new technologies — especially AI.
For the moment, we will hone in on what one client in the financial services sector is saying and doing today. According to Stephane Mathieu, Chief Executive Officer of DICIO,
COVID-19 has generated a change in people’s actions, attitudes and behavior. Are people forcing the financial institutions to develop better digital solutions?
Using mobile applications is much easier and simpler to orchestrate for the end users and institutions, so after the current pandemic revolution is over, these good practices will remain in the global economy as fundamental interactive channels. The development of digital banking began as a support for other products or services and today, it is becoming the main business and customer aggregation channels of the world financial institutions. And now these same institutions have to innovate within the competitive digital world which happens to be something relatively new for them.
Mathieu believes the world will “spring back into action” following the current crisis — and that new necessities will emerge as a result of the pandemic. The move to virtualize critical industries will impact how businesses operate in the days, months, and years following the pandemic. Will we truly see an acceleration in the adoption of new tech?
We will be asking Mathieu this very question, and others, on April 23 and we hope you’ll join us. As part of our 2020 thought leadership program, we are hosting a virtual panel with Mathieu, Dr. Tim Oates (our Chief Data Scientist and co-founder), and Kelley Weaver of Crypto Token Talk to go beyond the hype on the impact of emerging tech in the financial sector to date, during the pandemic, and into recovery.
We hope you’ll join us for this next webcast in our thought leadership series.