The wake of the pandemic has brought many challenges, such as a rapidly increasing reliance on digital solutions up front, and closed branches, unprepared call centers and overwhelmed lenders dealing with PPP loans in the back. More importantly, it presented financial institutions with a timely opportunity: a call for innovation.
According to a late 2020 IDC survey, only 20% of financial systems globally said they had “recovered to a new normal” from the effects of COVID-19 on their internal systems. However, the change is here to stay.
In Plaid’s 2021 FinTech Use Survey, 88% of U.S. respondents said they use technology to manage their finances. This jumped from more than half (58%) of respondents in 2020.
This new digital era is an opportunity for financial institutions to remain agile in the face of constant change. Fintechs, companies applying modern technology and user experiences to financial services, are filling gaps traditionally overlooked by financial institutions.
In Tearsheet and Plaid’s latest whitepaper, we explore:
- The opportunity offered by digital transformation
- Key Challenges Facing Financial Institutions
- A 7-step strategy to solve these problems
- Technologies at the service of the digital transformation of tomorrow
- Contribution of decision-makers from Plaid, Chase, US Bank and Goldman Sachs.
Read the full white paper here.