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Innovation in a pandemic: Moving Away From Fully Fleshed Out Products
During the pandemic, corporations faced the challenge of having to pivot quickly to remote working. In many cases, technology had to be upgraded with Zoom and similar platforms being adopted.
We have seen numerous success stories, many with new technology adopted within weeks and in some cases even days instead of pre-coronavirus adoption times of months or even years. Here the key focus was on speed and immediate support instead of design and perfection.
Innovation in a pandemic: Why incumbents have not gone Digital Only?
This article was originally published on FintechTalents.
Coronavirus has dialled up the urgency for digital-only banking. However don’t be fooled by the excitement, digital-only banking is starting to gain momentum, yes but it will take a few more years before we see a truly cashless world.
Innovation in a pandemic: harnessing digital curiosity
The pandemic has shown that we are all able to move up in the technology ladder as long as we are willing to try new technologies and have support available during the initial stages. Similar to learning to walk, learning to talk and other skills which everyone learned when they were young.
The question now is, how will financial services build on this new curiosity and willingness to try new digital technologies from both consumers and employees?
Innovation in a Pandemic: Financial Services
In my previous article, we discussed some of the principles applied by small and medium businesses to innovate and pivot their businesses during the pandemic. Today, we will take a look at the financial industry, specifically large corporations, and understand how they can leverage those innovation principles.
Innovation in a Pandemic
The Coronavirus pandemic is impacting all industries at a global scale with small and medium-sized businesses significantly impacted.
As per the English phrase “Necessity is the mother of invention”, some businesses have taken it into their own hands to quickly pivot their offerings ensuring cash continues to flow while the country is in lockdown.