Did COVID-19 force the financial industry to warp into the future in just a matter of months? It may seem crazy, but the pandemic pushed banking technology into the future! And in the end, it will be extremely beneficial. Almost overnight, employers implemented hiring freezes, many office workers began working from home, and bank lobbies were closed or reduced to appointment only. The banking industry completely shifted its gears to keep the wheels turning.
Sounds dramatic, right? Well, massive growth can come from the most uncomfortable of places. And I think we would all agree that the last six months have felt a little uneasy, to say the least. From the largest to the smallest, financial institutions across the country are being innovative and resourceful during these challenging times. The industry as a whole needs to take a moment and recognize these accomplishments and give themselves a huge (probably virtual) pat on the back.
Banking Technology To The Rescue
How did we overcome such an obstacle and transition into an unprecedented win in a matter of months? Technology. In fact, the last decade of growth in the banking tech space created the perfect space for rapid innovation. Robust online banking systems allowed everything from virtual tellers, online helpdesk chats, mobile deposits, transfers, and more. Think of the position we would be in right now if we had to survive the last six months in the mid-’90s? The “natural growth” in terms of infrastructure, security, front and back end system integrations, and let’s not forget the dreaded merger. You know, the same “growth” everyone is always joking about? How everything is continually changing in banking? Well, all of that is what set the industry up for this success!
That same, inevitable (sometimes painful) constant change in infrastructure is precisely why giant steps forward could build out a more efficient business model when it counted. 2021 is now full of renewed energy and hope because of the pandemic’s massive jolt in momentum. The financial industry was forced to innovate and is now better poised than ever to take on the future. As a result, financial institutions are able to streamline their processes and offer better customer service. These banking technology innovations are helping financial institutions across the nation to future-proof their services and provide better experiences to all.
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