The Importance of the FinTech Industry in a Global Pandemic
Updated: Oct 7, 2020
Everyone’s lives have been impacted by COVID-19. With no vaccine in sight yet, it seems as if we all have to adapt to this new normal for the time being. The new normal has changed day to day life, and the simplest of tasks are now a challenge to execute due to the restrictions set in place to make sure people reduce contact with each other. The simple act of going to the bank to transact, for example, can prove risky.
While banks remain open during this global pandemic, foot traffic within a branch are much less now. People, in general, are more hesitant to go out, only doing so when it’s absolutely necessary. This is where the fintech industry comes into the picture. At the start of the pandemic, banks that have already shifted to digital are the ones that had no problem responding to the needs of their customers in the new normal. This shift to digital was done with the help of the fintech industry.
Acceleration of Digitization
COVID-19 has accelerated the digitization of financial services for some financial institutions. Their response has been swift, and partnerships with fintech are making this transition easier.
Through the innovations and disruptive mindset of the fintech industry, the banking sector can serve their customers remotely amidst this global pandemic. While no one was prepared for the repercussions of this pandemic, the fintech industry was ready.
We at Bank-Genie were ready. We recognize the need to adapt so we are offering our innovative solutions so banks can reach their customers in this trying time. To reduce risks in deployment of these solutions, our Remote Implementation Technology (RIT) enables us to scale enterprise executions remotely — making sure that in-person interaction is minimized.
Financial institutions that have access to digital platforms are the ones who are able to navigate the new normal effectively. Only with adaptable platforms can the banking sector survive the disruption caused by COVID-19.
With Bank-Genie, banking can remain uninterrupted.
Bank-Genie Pte. Ltd. is a Singapore-based company incorporated in 2016. For banks and financial institutions who are driving towards digital transformation, Bank-Genie is a future-focused technology partner that helps enrichen the banking experience.
Bank-Genie has a proven record across markets of Asia and Africa with its Interceptive Banking Technology. Bank-Genie Pte Ltd is funded by SBI Ven Capital Pte Ltd and FMO, the Dutch Development Bank.