How will the financial services sector respond in 2021? (Episode 2)

Fintech

How will the financial services sector respond in 2021? (Episode 2)

By: Celine Sim

Following the content of Singapore Fintech Festival, we decided to give our scoop of what experts in the field have to say and relate it back to Instamo as an organisation. This article forms episode 2 of the series.

As 2020 comes to an end and we begin to welcome the new year, we begin to embrace the new change that we have grown accustomed to - working from home, shopping from home and even banks going digital.

In Episode 2, we have the following speakers to give us their take on the financial services sector.

• Bill Winters, Group Chief Executive, Standard Chartered PLC • Calvin Choi, Chairman of the Board, AMTD Group • Dinesh Khara, Chairman, State Bank of India • Piyush Gupta, Chief Executive Officer, DBS Group

Where do financial services stand in 2021?

As of now, there has been an accelerated adoption in digital solutions as we see an increased willingness of companies and customers to adopt digital solutions. During the session, the speakers mentioned that the future of financial services should be one that is both seamless and intuitive.

Firstly, financial services should leverage on data and AI to provide insights that humans are not able to discover.

Secondly, 5G and IOT would revolutionise machine-to-machine payments. Imagine autonomous vehicles such as cars or trucks or other industrial machines paying for their own energy, fuel or insurance.

Thirdly, AR and VR would change customer experiences. E-commerce shopping can now be brought even further with VR, allowing consumers to experience their entire shopping experience as if they were actually in stores.

However, with these new technological adoption, customers would still seek personal advice and AI should aim to improve the quality of advisors at the same time.

With these digital solutions in place, consumers and corporations can look forward to a game changing 2021. At Instamo, we understand the importance of financial inclusion. As Covid-19 accelerates trends of digitalisation, some may end up being left behind. At Instamo, our free platform and low transaction fees ensures that consumers are not left out in the move towards digitalisation.

How does the future of work look like?

With Covid-19, Work from Home (WFH) arrangements were introduced across all industries and countries. The panel commented that there would be an increase in flexibility in the future of work in order to save on commute time. Moreover, work spaces would decrease and be replaced with an increase collaboration spaces to ideate and collaborate.

At Instamo, we were no exception. Working virtually across countries, the team had to be flexible and agile in order to ride the waves of the pandemic together.

What do we see in the future of digital currencies?

In the future, digital currencies can be improved through settlement process across borders. This would invite an entire ecosystem of firms across countries to purchase, sell and receive money. Furthermore, with the use of blockchain, digital currencies can now be improved.

However, we should note that with Anti Money Laundering (AML), the entire financial system could be misued. With this, the importance of compliance and the standards it upholds will be important. Sophisticated reporting, the ability to detect client's risk profiles and having the relevant authorities to report to will be of paramount importance.

At Instamo, our solutions are fit with transparency and security to give our users real-time tracking and the level of security they need.

What do we see in the future of digital payments?

Within consumers, corporations and the SMEs space, the economy has moved from cash to digital and it is the digital platforms that will explode. QR payments have become a norm in many markets and more merchants have moved to accept digital payments. The Central bank has also dropped barriers, allowing many more players to participate. Within the digital payments sphere, more public private partnerships are to come between the central banks and non-bank players.

At the heart of it all, Instamo hopes to be the chosen payment solution for all through our seamless, low cost, high security cross border transfer.

#instamo #fintech #globalpaymentsolutions #openbanking #ecommercepayment #merchantpayments #remittance #b2bpayment #internationalpayment

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