COVID-19 has disrupted the BFSI world like never before. Amidst the prevailing chaos, companies are grappling with issues critical to their survival. Organizations that were slow to adopt digital now stare at an uncertain future. And, organizations that leveraged digital have stayed insulated from most of the fallouts. In the last few years, both banks and the fintechs have pioneered the adoption of digital. Several economies including India have made great strides in turning cashless. This pandemic has further catalyzed that shift. In these testing times, digital offers safe passage to achieve the following: (i) Build safer workplaces through AI and IoT (ii) Increase customer retention and service levels (iii) Automate repetitive/manual operations at-scale, and (iv) Improve risk mitigation and compliance. All these business outcomes will lead to long term growth.
COVID-19 has forced banks and fintechs to adapt to new challenges, speed up digital adoption, and revive their businesses.