The coronavirus outbreak has changed nearly every aspect of our daily lives. For many of us, tasks that once were completed simply and quickly now require stressful and complicated adjustments to maintain the health and safety of ourselves and the community at large. Beyond the obvious personal impact of a global pandemic, the intrusion on business operations cannot be overstated. Food delivery, online ordering and curbside pickup have all become the new and necessary normal for many of us. The nation has had to quickly adjust to working from home with no idea when their office will be opened again.
Experts at Finch Capital are recommending that people prepare for a crisis that could extend into Q3 of 2020, with the expectation that it might take up to 18 months to fully recover from the damage the virus has caused to the economy. With this long-game mindset becoming a reality, it is more important than ever to set up your fintech or financial institution to be as automated and digitally accessible as possible.
Online banking and shopping, grocery and restaurant services, curbside pickup operations, online streaming, telephonics and video conference call platforms have all seen an increase in business borne from the dramatic societal shifts necessary to slow the coronavirus spread. Services that give people the ability to stay within their homes have all seen a substantial increase due to quarantining and social distancing orders. The potential benefits of digitizing access to services are not limited to mealtime purchases and retail shopping; making your digital presence as robust and user friendly as possible is essential to your business’ survival during the current global pandemic. A fintech or financial institution that allows its customers and partners conduct business remotely is one that is suited to endure and thrive, as those same customers and partners adjust to these unusual new circumstances.
The race to provide greater digital and remote access is triggering a “Big Pocket” battle between incumbents and challengers within the fintech marketplace to win customers. Finch Capital predicts the big winners will be consumer and SME lending platforms, as well as firms working on digitization in the mortgage and life insurance sectors. These systems were already on track to become fully automated, but that timeline has been rapidly advanced due to the demand generated by COVID-19.
NXTsoft’s OmniConnect solutions can help automate the digital data transfer from one disparate system to another, making the process seamless and simple in a time when streamlined, automated functionality is needed most. Our solutions are designed by some of the industry’s best minds to allow you to focus on areas of your business that need the most attention instead of manually re-keying data. Our development team has the resources and capability to write programs for new connectors and can also maintain the system once it’s installed, providing any updates or troubleshooting needed. Schedule an appointment with one of our knowledgeable Account Managers today and allow us to help you rise to the challenges of an era of remote access and social distance, and thrive as digitization increasingly means not just survival, but success.