PAYMENT SOLUTIONS
The corporate and commercial lending environment has transformed as a result of COVID-19 . We take a look at the biggest disruptors
Fintech is changing – and not just in relation to legacy systems . While the global financial market has always been intrinsically male , the landscape is shifting as more women than ever before are embarking on careers in banking , investment , and payment-related industries .
The past two years have transformed the globe in so many ways – so it comes as no great surprise that the world of lending has undergone quite a few seismic changes too .
Now , digital transformation has dispensed with paperwork and ushered in a new era of decentralised finance . Manual systems are out . Automated systems are in . And as the fintech ecosystem continues to expand , it is the customer that ultimately experiences the biggest changes . As well as offering more services digitally and making use of new data sources , banks , and lending institutions have also had to become more agile , more resilient to crisis , and maintain profitability .
The cost of digital transformation for banks Digital transformation , although a necessary investment for the long term , has cost the banking industry dearly . Reports vary when reporting the actual global expenditure , which ranges from half a trillion dollars to well over a trillion in 2021 alone . The true cost may never be known , but it is almost certainly stratospheric .
“ There ’ s other alternative lenders or credit brokers , but you have to watch out for additional requirements ”
IAN DUFFY CEO , ACCELERATED PAYMENTS
fintechmagazine . com 83