The COVID-19 pandemic has affected every industry and led to losses and the closure of many businesses. However, the financial services industry seems to be doing much better than most of the other industries amid the pandemic.
Even though one can argue that there is less money in circulation, banks and other fintech companies have worked around this and introduced solutions that are making them stand out. One of the major contributions to this has been their adoption of technology.
Modern technology has made sure that these businesses have changed how they operate and even streamlined their operations to meet the demands of their customers. They have adopted APIs that offer different functionalities making their operations easier.
This way, even though the COVID-19 pandemic has come with lockdowns and closure of businesses, banks and fintech companies are able to attend to their customers without having to meet them physically.
For instance, financial institutions are using stock APIs to connect consumers of financial market data with the right data sources. This way, the consumers are able to get both historical and real-time financial data being traded in different markets. RapidAPI has a detailed functionality comparison of different stock APIs that can help a business choose the one that meets their needs.
Apart from the adoption of modern technology, businesses in the financial services industry are also engaged in the following to aid their growth;
Crisis Planning
Businesses in the financial services industry have been able to put in place crisis and continuity plans to help them navigate the pandemic. These plans are assessed, enhanced, and revised continually to make sure that any new factors coming up along the way are considered.
Effective Communication
One of the things that have helped these businesses is effective communication. Banks and other financial institutions are making sure that their clients are updated effectively on any changes to the way they operate. They have also implemented digital marketing trends that reach both their existing and potential clients wherever they are and at the right time.
For instance, they do not just adopt technology and stop at that. They go ahead and make sure that their clients are involved through the entire process and train them on how to use the new services. They even collect feedback from their customers that they use to improve their services.
They are using transparency and clarity to sustain confidence at the market and client level.
Effective Workforce
Banks and fintech companies have made sure that their staff members are equipped with the required tools, equipment, technology, access rights, and working practices. This is important since due to the COVID-19 lockdowns, the employees need to be flexible when working from home, or rather offsite.
However, working remotely comes with very high chances of cybersecurity attacks. To prevent this, banks have made sure that they have trained their employees on measures they can take to protect themselves. This has helped in ensuring uninterrupted service delivery to their clients.
Information
Businesses in the financial services industry are using APIs to collect data from their clients. This data helps them in implementing solutions that their clients need. As if this is not enough, they are also using these APIs to predict future changes in customer requirements. This makes sure that they address such changes before they even occur.
They are also responding to any issues arising sensitively and effectively to make sure that the needs of their clients are met. Without this, the chances of damaging their public image would be very high.
Conclusion
The COVID-19 pandemic led to export, import, travel, and transport restrictions across the world as different countries implemented different measures to combat the spread of the virus. This has negatively affected businesses, with some closing down. However, some businesses such as banks and fintech companies have implemented different measures to ensure that they survive through this pandemic.
