Welcome back to the BCRS blog. As you may have seen in a previous blog post ‘responsible finance sector and fintech’ various fintech elements were explained. This week I will be delving into the fintech trends that are coming into fruition based on a post COVID-19 world.
The current crisis has and will continue to speed up digitalisation. Adopting digital processes for increased efficiency and cost reduction will ring true across all sectors.
In terms of finance, open banking is at the forefront of fintech. Many financial services have taken advantage of digital services available to improve their processes in light of social distancing measures.
Efficiency is increased with the use of virtual meetings. Multiple meetings can be held in one day at the convenience of the business professional and client at a place and time that suits best. Although some clients may prefer a physical meeting offering the digital services widens current and future target audiences.
Already on the rise before the pandemic, contactless payments are more popular now than ever. Customers now trust contactless payments and realise how easy and convenient they are and are less likely to revert to using cash in the future.
This trend comes with the increased use of online shopping and a temporary stop to all cash payments in stores earlier in the year at the peak of the pandemic.
The world is operating online more than ever before. Business meetings, online banking, online transactions and e-commerce just to name a few. Cyber security has always been a serious threat to businesses but as they try to keep up with changes through the pandemic hackers are taking advantage of the situation. The increased online exposure poses more risk which means cyber security, data privacy and data protection is of upmost importance. Keeping employees up to date and putting training in place will help minimise the risk of a security breach.
That’s it from me this week, keep a close eye on trends that can influence your industry to stay on top of your game and make the most of what technology has to offer.
The Coronavirus Business Interruption Loan Scheme (CBILS) provides facilities for smaller businesses (SMEs) across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow with loans available between £50,001 – £5m to support the continued provision of finance to UK SMEs during the Covid-19 outbreak.
We are an accredited lender for CBILS. Click here to find out more about our offering and eligibility criteria.
Come back next week for another topical blog post.
In the meantime Click here to read more from the BCRS blog page.
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