Technology
Leveraging the technology ecosystem
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The coronavirus (COVID-19) pandemic is reshaping the global business landscape, giving rise to new consumer attitudes and behaviours that are expected to have a lasting impact.

In particular, there has been rapidly accelerating consumer reliance on digital interactions and experiences, with McKinsey & Company reporting in its 'Reimagining marketing in the next normal' article of July 2020 that consumer adoption of digital has advanced by five years in just eight weeks.

Forced to move online, more people have become accustomed to digital engagement and service delivery, finding it is often more efficient, less expensive and more convenient.

While many regulators have granted businesses a short-term reprieve on compliance requirements in response to the pandemic, it is anticipated that heightened consumer reliance on digital interactions will bring a new wave of regulation around fraud, data security and cyber-resilience.

Simultaneously, the economic impact of the pandemic is leading to high levels of uncertainty, with the loss of business and consumer confidence posing significant challenges for companies across all sectors.

The pursuit of sustainable competitive advantage in the financial services industry is likely to drive a further convergence of existing providers and the emergence of disruptive new players.

In the financial services industry globally, savvy providers are responding to these tectonic shifts by adapting proactively and focusing their efforts on the wide-ranging opportunities they present.

Progressive wealth management businesses had already initiated digital transformation journeys to create more flexible technology environments, to bring their offerings in line with growing customer expectations for more personalised digital experiences and reduce their cost-to-serve.

The most successful of these efforts have been guided by ongoing strategic partnerships with innovative and experienced financial services technology (fintech) companies.

However, it is clear that its greatest impact on the financial services sector is the fast-tracking of the global megatrends that were already well underway.

At the heart of these trends lies a new way of working that leverages strategic fintech partnerships and dynamic technology ecosystems to achieve financial services that are truly intelligent and sustainable.

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