Banking Circle research has uncovered how financial institutions are rethinking the value of digital infrastructure to future-proof their business in a post-pandemic world. Anders la Cour, Co-Founder and CEO of the financial utility discusses how the crisis has accelerated digitalisation strategies across the industry.
Earlier this year Banking Circle commissioned MagnaCarta Communications to take an in-depth look at capturing value in financial services for a digital age. The plan was to conduct research among the senior executives of banks, fintechs, payment service providers (PSPs) and payment intermediaries in Europe for their thoughts on the development of digital strategies. But then those plans changed.
We took the opportunity to shift the emphasis of the study slightly and to look at the expected impact of the newly confirmed pandemic and the resulting lockdowns imposed on the regions involved in the research. This provided us with a unique snapshot of business confidence, adaptability and future plans at that point in time.
Even before the global pandemic, banks had been changing their business practices, their culture and, most of all, their technology to create more responsive and flexible businesses that centre on customers’ requirements and experience. The MagnaCarta research looked at how attitudes towards digital technology have changed, particularly around the cloud and outsourced provision of commoditised banking services, such as payments. The potential impact of government stimulus policies and the relative strengths of banks against other players in the finance ecosystem were also examined.