Coronavirus — How Fintech Helps

The effects of Coronavirus on humanity, and what it is doing to the health and well-being of those around us, is very clear. We see the devastating effect it is having on people’s lives, and the level of fear is growing each day. I do not wish to add to this with another article based on the risks posed to people if they go outside. For me, it is important to discuss ways in which life can be improved during this moment, and I hope to do just that. However, before I do, I would like to extend wishes of health, peace of mind, and give my thoughts and prayers to those who are dealing with the difficulties we are all facing together as human beings.

Coronavirus is not just touching our health. It is also creating stress within peoples financial situation, working conditions, and the ability to carry out normal life responsibilities. People are forced to conduct all their daily tasks from their own living room, and the requirement for support in making things as easy as possible, all relies on technology, software, and the Internet. Being able to manage our lives from home with ease, facing as little difficulty as possible, is something we all wish for.

As a fintech software provider, we see clearly the level of responsibility and difficulties that are being placed on financial organisations. Firstly, towards clients, who now need to access everything via the Internet and software tools. The standard of these tools need to be at the highest level possible, to service the needs and requirements of customers. However, there is another factor in this situation, and this is the need to also ensure internal systems match that level of standard too. Due to the restrictions placed on human interaction, offices are being forced to make employees work remotely, which means that teams are separated, forcing huge levels of adaptation, which the majority of companies are not prepared for.

Here are 5 keys areas that an increased level of fintech solutions is needed -

• Communication Tools — The higher need for top quality communication tools is evident. With client facing financial companies closing branches, offices being dispersed towards all staff working from home, and clients having to deal with all their financial requirements online, communication tools are paramount. Clients need to connect with the company, internal teams need to connect with each other, and information needs to be shared with speed and with ease. Even more important, is the effectiveness and stability of the tools. If the quality is not there, and the tools are not efficient, it can create issues that bring downtimes and loss of connection, which at this moment in time can be costly to businesses and their clients.
• Connecting To and Servicing Clients — Already mentioning communication tools, this point seems to be the same, however, it is much more in depth than that. Communication tools are only a small part. The entire structure of a company’s online presence is, in effect, connectivity to clients. Websites, Apps, Blogs, Financial Tools, Personal Accounts, they all contribute to the connection a financial company has towards its financial clients. Of course, nearly all companies have these tools set up, but again, in times where things are running as standard, the amount of attention put on the software being at the highest standard is put to a lower level of concern while dealing with more pressing matters. Right now, this is a priority which should be placed in the top 3 elements of focus. Online companies will already have a structure in place, and are more than likely facing different types of difficulties from the current climate, however, there are many companies that have relied on face to face interactions, and are not prepared with a structure that can support the instant changes brought to us.
• Higher need for Insurance, Risk Management, and Credit Support — Fear is a powerful driving force in finance. During a crisis situation, you will always find that businesses and the general public alike, primarily look to how their finances will be affected, and the best possible actions to take to secure them. Here, with the Coronavirus epidemic, the economic impact predicted has caused huge movements in financial markets already. Movements are rapid, governments are looking for solutions to support the people and their families, and companies are trying to assess ways that they can survive. The need for insurance policies, ways to manage credit that may not be able to be paid, and support in looking at financial risk is also paramount to the lives of all. Financial companies are the experts in these areas, and in normal circumstances it is easy to find solutions in these areas. However, at this moment, people are relying on the tools that these companies are providing. The tools need to function well, be reliable, and provide the most up to date information, along with procedures and documents to carry out the tasks needed to support clients. With limited person to person contact, tools are needed from both sides.
• Gathering and Displaying Data — With the requirement of clients needing to access all the information they need from the Internet, gathering and displaying that data is essential. The data needs to be collected and shown in real time, and this takes a lot of work and complex solutions put into place. I am aware that this is vital in all situations, however, now more so than ever. The markets are changing at a rapid pace, the livelihood of people is affected at vast speeds, and the requirement for information and the current status of markets are imperative. It is the responsibility of the company to provide such tools, so clients gain as much of what they need, as they possibly can.
• Internal Team Adaptation / Process Alignment / Augmentation — Finally, the hardest part for the companies providing financial services. When offices are closed, branches and personal meetings are put on hold, and staff are asked to work remotely, it causes shockwaves through the entire firm. If there is not a procedure in place, adapting to the method of remote work is very difficult, and highly time consuming. Projects are put on hold, work cannot be carried out on vital projects, and results and performance drops. Luckily, companies like ours have all the procedures in place, being that we work as a part of our clients teams, so this was a smooth change. For some, it is not. If it is not, one of the best actions a company can take is to delegate responsibilities and projects to external agencies, who have this model already in place, so the downtime on work is cut short. Also, this enables companies to put things into place while not losing productive time. In turn, clients are not made to feel such a strong effect from the companies they use and trust.

Right now, it is a very difficult moment for people all over the world. Whoever you are, and whatever role you play in life, you will be feeling the need for more reliability in software and information being available. Luckily, there are companies and teams that are there to alleviate these issues, and Montrose Software is able to help in all these areas. Please reach out to find out more.