Five growth strategies to accelerate financial services beyond COVID-19
Published: September 03, 2020
Updated: September 03, 2020
As the return to work begins in the financial services industry, now is the time to double down on agile and efficient ways of working.
From embracing digital transformation to forging brand-new partnerships, we present five ways that banks, credit unions, and insurance companies can accelerate their growth and opportunity, and reinvigorate their operational resilience for future crises.
Use these five actionable growth strategies to reassert the value of your bank, credit union, or insurance company, and future-proof your path to recovery
Design new or reimagine digital services that deliver omnichannel solutions across mobile, web, chatbot, and call centres.
Launch new capabilities that streamline consumer interactions, enhance trust in faceless channels, and accelerate the application and underwriting process.
Seek ways to rapidly accelerate workforce transformations, Cloud enablement, AI-backed tools, and conversational platforms to deal with the surge in call volumes and demand for COVID-induced credit and loan applications, mortgage forbearance, and early-policy cancellations.
Enrich digital payments with services in identity, security, metadata management, and open banking.
Strengthen measures for establishing identity, authenticating consumers, preventing fraud, and account takeover.
Adopt a zero-trust approach to your network security to prevent cyber attackers from gaining access to your network.
Use Multi-Factor-Authentication (MFA) to authenticate users with multiple pieces of identification.
Employ exceptional cyber hygiene and discipline to safeguard personal information, especially as consumers develop a higher comfort level with mobile payments, e-commerce, and data sharing, and as your workforce continues to rely more on Cloud environments and applications.
Leverage analytics and insights to identify and prepare for unexpected risks, including credit risk that can affect your most valuable, mission-critical assets.
Implement new capabilities and comprehensive plans to minimize risk and adjust to fraud challenges.
Deploy scenario modelling and contingency planning to maintain a credit supply lifeline in the face of another pandemic or economic downturn.
Conduct regular risk assessments with a focus on governance, risk management, business culture, IT safeguards, whistleblowing provisions, and compliance.
Pivot to partnering with fintechs, e-commerce players, software developers and Cloud services to create new value propositions, operating models, customer interfaces, and collaborative platforms.
Transform conventional ways of working and create new practices, experiences, and meaningful synergies for your bi-or multilateral partnerships.
Be ready to adopt a combination of remote work, digital interaction, and emerging technologies in the new normal.
Ensure that resources can be quickly mobilized to support cross-functional collaboration and a renewed demand in financial products and services.
Streamline and simplify remote access for employees, and strengthen your technology, virtual private network connectivity, and cybersecurity resources.