A few months into the “new normal” of pandemic living and economic surprises, we see the continuation of innovation and strategic business schemes in the financial technology space. The cloud is not only a norm, but a vital aspect of most global businesses, pushing its advancements into new offerings such as Serverless and Multi-cloud services. Fintech companies are being watched carefully, as non-bank players come up with financial solutions that attract some and repel others. BigTech partnerships, mergers and acquisitions, and Cloud-first and regulatory-compliant-digital-banks, now add a new dimension to the financial technology market, paving the way for more challenges, but even more opportunities. Governments and the private sector continue to explore open banking, digital currencies, and other potential technologies that require regulatory reform. As they continue to observe the evolution of the financial customer profile and the growing dependancy between individuals and organizations, they realize their new need to have the capabilities to act quickly to global and national crises. Lastly, now that we are used to this “new normal,” we are once again focusing on financial inclusion, with new players tackling key gaps to not only better the poorest of the poor, but other important groups financially underserved, such as the gig economy.
Below, we will focus on key aspects of financial technology and how they are critical to how we look at the future of digital financial solutions.
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