Last week The Economist (paywalled) wrote about the trends that will prevail post the current corona crisis.
The Economist believe that the trends already in place of less globalisation and more use of technology will accelerate.
How might “more technology” work in practice for financial services?
When it comes to financial services, the b2b FinTech companies that offer the innovative solutions for banks and asset managers to employ in enhancing customer experience, enabling remote working or driving out costs, currently require a 12-24 month onboarding process. Few FinTechs make it through to go-live.
Why does it take so long? Currently, large financial services companies, fearing the operational and regulatory implications of the failure of a smaller FinTech service that they are utilising, use their information security process to mitigate the vendor risk, which dramatically slows the onboarding process.
Is there another way? Yes. Deploy the technology early and mitigate failure risk by assuring the availability of the service via Adoptech. We will monitor the risk for you and in the worst case scenario step in to operate the service on your behalf.
The need to adopt and deploy technology is only going to increase, the current crisis will have corporations re-imagining many things, one of them should be how they can quickly adopt the technology they will need to thrive and survive.
predict – prevent – protect