As the last few days of 2020 played out, one looked back at the year with just a tinge of “good riddance” in the heart. After all, the year had begun with much promise; this was the year that ‘Vision 2020’ would come to fruition and all the ‘Trends for 2020’ would become everyday reality. Oh, 2020 had such a nice ring to it!
Little did we think that hoodies would become the hottest business attire of the year, or that we would learn a new term, “Social Distancing”, the inherent irony of the oxymoron notwithstanding. And we were signing off emails and calls with “Stay Safe”!
But dark clouds do indeed have silver linings. What 2020 did achieve is to bring digitalization of financial services delivery front and center and make it the #1 priority. After all, if customers can’t come to the bank, then the bank must go to the customer – even the non-Millennials.
2020 also heralded the era where we are all inextricably tethered to our devices and AI drives what we watch, who we date and indeed, how we engage with the world.
So, what does this all mean for lending and asset finance companies? How do they address the traditional challenges as well as the new ones brought on by the “new normal”? Most importantly, how do they survive in this age of Instant Gratification?