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Financial services sector transformation gathers pace with COVID-19
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COVID-19 has brought uncertainty to every sector, including financial services. In this blog piece, Andrew Yeong, VP and Head - Asia Pacific, Tata Communications, explores how FS businesses can survive and thrive amid the disruption, and the technologies they need to embrace in order to meet customer expectations.
Without a doubt, COVID-19 has rapidly changed the way business is done and this is visible across industries. For players in the financial services sector, customer interactions have swiftly switched from physical to digital. With 5G being rolled out in many global markets, remote working being the new norm and video-on-demand taking root everywhere, it is not alarming to know that four out of every five consumer transactions have moved to the digital eco-system since COVID emerged, according to IDC. To survive and thrive in this altered landscape, financial institutions must speed up their digital transformation, and embrace disruptive technologies like 5G and AI to meet new business needs and evolving customer expectations. A mobile-first strategy paramount The emergence of transformative new technologies has created digital disruption across both retail and commercial lines in the banking industry. Today, creating a great customer experience is fundamental to a bank’s revenue and market share.
For example, now it might be enough to have a chatbot or a call centre with remote agents, engaging with banking customers. Soon, this will not suffice. Banks will want more analytics and technology that let them know their customers better. Banking clients will also demand ultra-rich media such as having a video chat with a live person, and demonstrably more robust cybersecurity. Harness 5G 5G is also set to change the paradigms of transmit, compute, analyse and store. Deployed effectively, 5G can result in major customer experience enhancements, unleashing a new wave of productivity. Underbanked areas can be tapped thanks to the proliferation of 5G and the use of seamless augmented reality/virtual reality, leading to better financial inclusion. The banking industry will gain tremendously as both speed and lower latency enable immense improvements in the end-user experience of financial transactions."Rising competition is forcing financial services organisations to fast track their digital transformation and pivot their organisations to embrace new ways of working through technology."
"All cogs in the wheel will move towards delivering improved levels of customer experience – from connecting inventory to information to financial flows."


Tata Communications has been enabling digitisation for enterprises globally while ensuring world-class security for many years now, and in these unprecedented times, we have been sharing a lot of our digital expertise and next-generation solutions portfolio with our CIO community in Asia Pacific and around the world. Click here to find out more about Tata Communications’ Digital Customer Experience Platform, which enables enterprises, including banks, to transform the way they operate and engage with their customers, offering a rich omni-channel immersive experience, in this new digital-first world."It’s a given that digital technologies are here to stay. We expect not only financial sector companies but organisations across sectors to assess their legacy tools and services and re-formulate their collaboration and business continuity strategies for the long term."
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