“ Rapid changes in user behavior cannot be met fast enough by incumbents ,” posits Koc . “ Existing companies ’ slow acceptance of financial ‘ experiments ’ like cryptocurrencies are reflective of their lack of agility .”
The fragmentation of the finance sector has been exposed . Mending this rift will require intense collaboration from both sides in order to support customer needs in an increasingly digital industry . Danny Chazonoff , Chief Operating Officer at Paysafe Group , is optimistic that enhanced coordination will take place , with companies eventually recognising the superior value that ecosystems , instead of siloed efforts , can offer . “ Businesses have had to revolutionise the consumer experience in order to stay afloat . The latest report in our ‘ Lost in Transaction ’ research series suggested that 36 % of online UK businesses consider COVID-19 to have increased their ability to innovate , with around 84 % of organisations subsequently altering their operations . Companies will need to depend on one another , collaborate and work closely with regulators .” This advice is all the more pertinent because
“ Can you imagine going back to the same manual processes , like queuing in banks to send money abroad , when the technology exists to do all of that without leaving your home ?”
— Edgardo Savoy , Chief Technology Officer , TransferGo
targeted ecosystems could soon become the world ’ s unassailable generators of revenue . In fact , McKinsey & Co predicts that , by 2025 , 30 % of global revenues ( US $ 60trn ) will be generated by 12 distinct groups .
Rosner , while still opining that finance has yet to fully capitalise on the lessons of 2020 , concedes that COVID-19 ’ s effect of reframing common operational issues has led to some impressive results in accelerated development . Its legacy in banking , for example , has been a higher level of cloud enablement
31 fintechmagazine . com