The pandemic has revolutionized the way businesses work externally and internally, and financial collaboration is part of that change. Financial service firms across the country have depended on Fintech service providers to integrate them into the technological era.
With most businesses resorting to work-from-home setups, can financial advisors work remotely? A financial services firm functions differently from other departments; therefore, a work from home setup has inevitably created new challenges.
Today’s consumer requires everything on-demand and easily accessible. According to BAI Banking Outlook Research, the highest priority of financial services customers is having services available 24/7, ease in closing and opening their accounts, and user-friendly apps.
With this increasing demand and the COVID-19 pandemic evolving into a lockdown, many financial service organizations collaborated with fintech business, leading to numerous bank-fintech partnerships.
Though what was expected to be a problematic shift was not necessarily a difficult one. According to PWC, 69% of executives reported increased productivity amongst their employees during remote work.
Collaboration: How Other Financial Firms are Working Through Challenges
The biggest challenge faced by financial service providers was meeting consumer demands while maintaining their security in a work-from-home setting. An office place server is secure; however, an employee handling a client’s finances from outside a controlled environment presents a more significant threat.
Necessity resulted in a newer form of financial collaboration. Financial service organizations filled these gaps with assistance from fintech businesses and their collaborative tools. However, this overlapping between the two began even before the pandemic. Larger firms have long been associated with Fintech firms to enhance the user experience and service availability.
For example, back in 2019, Plaid was acquired by Visa, becoming a network that makes it easy to share financial info with multiple services and applications. In the same year, Mastercard acquired Nets Group. The primary purpose of these acquisitions was to help digitize the services of financial service companies.
Partnerships among the financial service organizations and fintech businesses help both companies leverage their strengths and build a better collective service.
Computer Resources of America
Whether you’re concerned about your transition to a digitized environment for your company or you’re looking for help with big data and finance, CRA is your go-to IT consultant in NYC and the tri-state area. Please contact us today with any questions you may have.
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