In 2021, financial institutions accelerated their digital transformation initiatives for enhancing reach while focusing on increasing operational efficiency and improving customer experience. The key was to embrace the “Next Normal World” of “Speed, Accuracy and Agility” as the cornerstones of “Survive and then Thrive” models.
2022 will continue to see these trends in financial institutions. Per our conversation with various institutions, they have expedited their search for digital solutions for onboarding, lending, and corporate banking. Institutions have realized the need for the inherent agility and nimbleness of systems for adapting quickly to the ever-volatile business environment. As we step into 2022, the key objectives for the banks will revolve around adopting/accelerating digital, creating efficient operations, and hiring and retaining talent. Financial services will be investing heavily in building digital capabilities, and they will continue to put significant effort into operationalizing their digital initiatives through automation and building digital front ends.
by Ritesh Varma, (Global Head: Business Solutions) Newgen Software on year-end 2021.
