Accelerating Banking & Insurance: Top 3 Digital Trends for 2021
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2020 was already expected to be a cornerstone year in the ongoing digital transformation of the banking, insurance and finance sectors. Then came COVID, accompanied by a whole new set of challenges, but also opportunities for growth and innovation.
2020 accelerated the development and adoption of emerging technologies in the industry in order to support increased customer needs for digital services and support, including automation, AI, machine learning, predictive analytics and more. But it also shifted priorities across the industry, as the global economy entered into a deep recession and forced banks and financial leaders to do everything in their power to maintain even the most tenuous of equilibriums.
As we forge ahead into an uncertain year of recovery in 2021, it will be important for finance, the banking and insurance sectors to double down on customer centricity, cybersecurity and automation. The industry must continue to push its digital transformation forward in order to support consumers and local economies in a difficult time. And it must do so while facing increased competitive threats from the likes of neobanks and others.
Given that, these are the top three digital trends that we believe will shape the future of the finance, banking and insurance sectors in the year ahead:
- The rise of digital automation
- Big Data: Availability, application and blockchain
- Customer centricity moves centre stage
Download this longread to find out how your company can thrive in 2021.