5 Post Covid keys in the future of the financial sector

We are facing turbulent times with loads of economic and social changes that come directly from the biggest pandemia known in recent years. The financial sector is rapidly moving, adapting itself to the new worldwide scenario. The use of new technologies to maintain and reinforce the relationship with clients in a world where the human contact is getting reduced to its minimum, is one of the keys to remain in the industry.

 

1. Digitalization 

 

This pandemia has accelerated the financial entity’s digital transformation from a medium term need to an urgent reality. That is why all digital and online processes have had to evolve with tools that ease direct, simple and efficient communication. Today we have a very different situation than the one we had two decades ago and it is necessary to readapt companies to this new reality and take advantage of new technolgíes that are allowing us to keep doing business. The financial industry has been investing a lot in digitalization in the past few years, using new softwares and tools that have helped to generate more efficient, transparent and useful processes for customers and advisers. Main part of the past resistance to use new technologies that customers had is gone, making a change in the entities that have changed their mentality with the main goal to create a more human technology, something esencial in this period.

 

2.  Growing competitivity

 

As a consequence of this new international panorama, big firms are “putting all their meat on the grill” to keep their status in the market. New technologies are making small businesses rise too, so the big ones are investing on big solutions with the objective of delivering an unique brand value that would make them stand between the competence.  Services are more and more customizables for final clients and adapting ourselves to a new way of communication is key. From TechRules we have witnessed how the situation has been hard and stressful for big companies, with which we have worked hand by hand to overcome the barriers imposed by the quarantine period.

 

3. Risk efficient management

 

If when investing, losing an active or making mistakes was something that worried advisors extremely in the past, now more than ever. In a moment of uncertainty like this, it is essential to move money  in the most intelligent and professional  way possible. The demand for new algorithms that can predict market fluctuations has made companies like ours, to keep us working in the development of new APIs that can help both advisors and customers to manage their wealth taking the best decisions possible.

 

4. Normative compliance

 

The collection of customer data, with the addition of various custodians if necessary, has become key to offering more personalized solutions and getting at the same time to know customers better in order to generate new quality leads. However, data protection laws are becoming stricter and entities must perfectly control the way in which they move and share their customers’ data. Systems that capture and integrate all customer information in one place are more efficient than those in which data is repeated, redundant and confuses analytics. Customer data is the most precious asset for investors and entities and the challenge is to improve the technologies for managing and monitoring customer assets.

 

5. Increasing brand value and optimus user experience

 

While an increase in market rates is expected, entities will have to improve both their brand image and user experience in order to justify this increase. The client increasingly seeks to identify with the values ​​of a firm and it is now time to praise the attributes of the entities to attract new clients. In the world economic scenario, an inclination towards sustainability and the humanization of companies is the main fact  to stand out at a time when competitiveness is increasingly high.

 

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