When the world went digital, so did finance. Unlike many industries, finance had a fairly easy transition from in-person to virtual life. That said, when you consider how common things like virtual banking and virtual bill pay were even before the pandemic, it’s hardly a mystery why. But, does this current success predict a smooth future?
While we don’t currently know, there are a few things we can look at to take a guess. One point to consider is the stability (or lack thereof) of the overall economy. Though many financial institutions quickly jumped to virtual services, will the rest of the workforce adjust as easily? And what does that mean for those that don’t?
Another factor is the multitude of uncertainties surrounding the pandemic. We aren’t sure when the first vaccine will be ready for use, or even how we will adjust back to our regular lives. The pandemic has highlighted the flaws in insurance’s current design and made fixing them an urgent priority. And, with so many businesses’ futures up in the air, long-term planning for lenders is difficult at best.
What will the upcoming demand for loans look like? How will policy change to suit it? And how will this fit in with the churning seas of the pandemic? Forbes explains this and more in their article on the future of financial services.