We are halfway through the year and the economic impact of the pandemic across different industries, services, and human behavior is well known.
During the lockdown, everyone used online payments, and small businesses had to go online to survive. Essential financial functions in terms of payments, lending, and trading quickly changed and identified new working ways.
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What will change in 2020?
1. Simple UI/UX for online payments to ensure quick adoption of digital purchases
There was already a high percentage of online payments, but due to the lockdown, both consumers and businesses had to speed-up the digitalization process.
2. Solutions to leverage customer behavioral data
Businesses will re-learn how to manage data and bundle their services to fit the customer needs and to connect with them. We’ll see an increase in terms of intent-based content, offers, and cross-channel experiences.
3. Customer experience innovation
The novel coronavirus will also force businesses to innovate brands’ customer experience.
All products will have to create experiences to make people feel valued, helped & understood, and will have to run the extra mile to ensure customer happiness.
4. APIs will be the go-to solution
Banking as a Service is growing fast, and all the financial institutions will be forced to move towards open banking and provide the available data to customers and partners.
This will ensure (and speed-up) the data integration from multiple sources to provide well-rounded services with higher relevance for the customer, rather than independent solutions.
5. Regulations for neo-banking & fintech
Data became the most valuable currency nowadays, and it took years to adopt and enforce basic privacy regulations. While most governments and organizations still struggle with understanding how data works, the fintech industry will need to urge institutions for better law enforcement and regulations to reduce the monopoly on specific data and fraud; strengthen security, and to combat criminal activity.
While these trends are mostly for fintech, they will definitely impact all industries.
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