In this recent article published by FinExtra you will find two of several trends our CEO, Priya Iyer, discusses in the fintech innovation space and you can learn how for financial institutions, the year 2020 accelerated the already intense focus on digital.  A recent report from Deloitte notes that the pandemic has turbo-charged digitization for the banking industry, and predicts that banks will continue to elevate customer engagement by “creating an optimal mix of digital and human interactions, using data intelligently, establishing novel partnerships, and deploying compelling service delivery models.” Below you will find two of several trends our CEO Priya Iyer discusses in the fintech innovation space.

Small Banks Will Invest Big in Digital Experience

Smaller regional banks and credit unions will speed up their digital transformation in 2021. These institutions are generally known for their strong, often community-based member relationships but perhaps less so their digital savviness. That said, as their members become comfortable engaging online with other types of services especially in retail, these banking organization will have to ramp up quickly to bring their personalized, in-branch experience online.

2021 Will Be a Landmark Year for Financial Institutions and Their Digital Strategies

Digital banking is shifting from a peripheral service to a central element of financial institution’s customer engagement. That shift has been ongoing for years, but the global pandemic has accelerated it. Expect more customers to abandon in-branch interactions and go completely virtual. Financial executives believe that digital banking will remain dominant even after public health restrictions wane. Fintech innovation will make customers comfortable with the online experience, and many banks are rethinking their physical strategy to reduce costs and drive greater efficiency.

Priya Iyer is chairman and CEO at Vee24.

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