It’s an exciting, albeit challenging, time for financial services firms.
Compared to other sectors, financial services weathered the pandemic well. The fintech movement meant many firms were well on their way to digital transformation, which the pandemic then accelerated. That trend has continued this year and financial services has been a notable success story of the pandemic.
This year’s International Innovation Barometer found financial services firms are uniquely positive about their reaction to the pandemic, with many believing they have innovated successfully, while the virus elevated the importance of their R&D team. These findings were covered by The Fintech Times.
Despite successes, the pressure is still on to innovate. If anything, it’s more essential now and a 6-month delay to rolling out innovations can be critical. Many financial firms are still under a lot of pressure to take any successes around digitalisation further and begin to truly transform how they operate as well as sell.
Changing the core systems that run banking is no easy task. This led our team of finance R&D experts to create a whitepaper entitled “Risk and Opportunities” that looks at hybrid cloud in banking, replacing core legacy systems, and R&D budgeting for finance.
One of the biggest stories of the year was the ongoing crypto mania. Financial institutions have piled into the space like never before, with many exploring their own crypto capabilities. However, as Mark Smith touched on in May, debate continues around the future of the technology, particularly considering its vast energy consumption, and thus environmental impact.
Notes to Editors
Ayming is a leading international Business Performance consultancy and has a global footprint. The Group is present in 15 countries: Belgium, Canada, Czech Republic, France, Germany, Ireland, Italy, Japan, Netherlands, Poland, Portugal, Spain, Slovakia, the UK and USA with a staff of approximately 1,300.
In the UK, Ayming helps businesses to improve their financial and operational performance through innovation, tax, and HR performance.
Annabel Rivero, Aspectus Group
+44 20 7242 8867