By: Neelarya

The Finance industry has been severely affected by Covid-19 in the year 2020. Despite we have entered the year 2021 with a positive outlook of setting everything right, still it will take time to cope up with the losses that the global financial industry has experienced the past year.

Let’s check out some latest trends of the financial industry in 2021:

AI and automation- With the onset of the covid-19 attack the entire world has shifted to the remote workforce industries. This is where AI and automation come in. With a compulsory shift from a physical workplace to a remote workspace, it has become crucial for various Financial Institutions to take over various automated processes to keep the work streamlined. However, they have also ensured that they are maintaining their top-level security while maintaining their processes remotely.

Embracing technology- It is expected that in 2021 the finance industry will see a centralized solution-driven technology. Although we have entered into the world of digitization a long time back; but with the passage of time the financial institutions will be more technically advanced to carry on their finance-related processes smoothly and hassle-free. Technology plays an important role in maintaining an effective remote working system and ensuring that all the requirements are met digitally and securely.

The emergence of digital currency- Digital payments have made our lives easier as we can now make payments with just a single tap. This digital currency debate has taken over to a new aspect as in the year 2020, as more and more people have purchased goods online and have made payments digitally. This has led to the decline in the utilization of hard cash and the rise of various payment integration frameworks and usage of cryptocurrencies like Bitcoin. The Global banks are now investigating this concept of digital currency and they have predicted that in the coming years’ cryptocurrency will grapple with the entire finance industry. 

How Financial Institutions are coping up with the current scenario?

Financial Institutions like banks, investment banks, brokerages, commercial banks, investment companies, insurance companies, and so on are now currently celebrating their customer engagement level by including an optimal mix of human and digital interactions. They are using data intelligently and establishing a higher level of partnerships with other business Institutions and clients.

So, what 2021 beholds for the finance industry?

The finance and banking industry is all set to confront a new set of challenges in the year 2021. This is where are the financial institutions are now coming up with ways to fight obstacles and develop new strategies for making better business. Although pandemic and its effect have an unpredictable future it should not hold the financial institutions from making a great future are accelerating their digital transformation.

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