Before COVID-19 and all the social distancing and work-from-home that came with it, most of the industries had digital development and transformation on their agenda for 2020. However, the unforeseen circumstances created by the virus have led to a very fast pace of development in the digital sector. FinTech is the single most affected sector in all this scenario, and one of the market-leading companies has acknowledged that the things they were planning to get done over the course of a year were forced to be done in a matter of weeks.
FINASTRA – LEADING THE ACCELERATION OF FINTECH DEVELOPMENT
Finastra is a FinTech company that was founded in 2017, as the result of the merger of D+H and Misys. The company is known for developing tech-based financial solutions for financial institutions using their cloud computing platforms and Fusion, a software architecture developed by them. The company currently serves just fewer than 9,000 clients and provides services to 90% of the top 100 banks in the world.
EXPLANATION BY ELI ROSNER
Eli Rosner, Chief Product and Technology Officer at Finastra, explained the acceleration in the development of FinTech and said that to put it in the simplest of words, the fast-forward button has just been pushed. In a recent statement, he said that their company was already going full-throttle into the development of new technology for financial institutions, but the impact of COVID-19 has just put the whole thing into overdrive. According to Rosner, there are the following reasons for this:
- Everyone is now thinking differently about the way their businesses function post-COVID.
- Companies are working on making some of the changes permanent, as it has been proven that a lot can be done without people coming to the offices
- This was the first time that such a thing happened in modern history and now companies need to be prepared in advance if something like this ever happens again.
- The cost reductions that can be achieved by enforcing the rules used in this time are lucrative for companies, and they want to take advantage of that.
- Technology has been proven to be more reliable and efficient than humans, and it will make things easier for companies and their clients on a long-term basis.
WHICH TECHNOLOGIES WILL BE AFFECTED THE MOST?
According to Rosner, the foundation of the change we are about to witness in technology and the way the finance industry puts it to use will be based on three things:
- Cloud Computing is at the backbone of any team working from remote locations. If a financial organization wants its staff to work from home, it cannot provide superior hardware to everyone. Cloud computing is the answer to this. It is the tech that can make it possible for teams to operate from home without having to have the hardware. Banks and other financial institutions are heavily investing in this sector, and it is developing fast.
- Internet of Things is the working machinery that has made it possible for financial businesses to keep afloat amidst the financial crisis sparked by COVID-19. All
- Data Analytics is an important measure that financial institutions can use to make better decisions. The development of this was already under the way, backed by major financial bodies, and the change is accelerated as the benefits of the technology have been made all the more clear by the COVID situation.
FinTech is not the only industry impacted by COVID. The whole world is changing due to COVID and other issues. You need to keep informed to keep up with the change. To get the most accurate and precise information about the world around you, keep visiting Wall Street Media Co.