Over the past decade, the banking industry has made tremendous strides in establishing secure and convenient technology solutions like online and mobile banking, chip technology, and touchless banking platforms.
In 2020, as the global economy faced unprecedented challenges, the industry got a significant push to accelerate its investments in digital fluency. Many banks could adjust, transitioning end-to-end digital loan and grant disbursement programs designed to support their commercial clients.
While businesses are starting to focus on new yet equally pressing matters, the demand for banks to evolve their digital solutions continues. Companies in the financial technology space are a great indicator of corporate need, having raised $200 billion in venture capital funding since 2014. It’s important to note that while those early years were mainly driven by consumer solutions, such as digital wallets for mobile phones or Robo-advisor apps to guide investing, there has been a significant uptick in emerging technologies focused on corporate banking capabilities.
Commercial banking industry fintech trends to watch
Digital fluency is paving the path toward fintech. By positioning itself as a service, banking is on the verge of rapid growth that will catapult the industry into meeting individual and corporate needs for conducting transactions at every level.
To meet these demands, the banking industry requires a focus on three critical components:
- Digital ROI. Putting technology into the hands of customers results in a greater return on investment. User experience will drive the demand for new digital tools.
- Social responsibility. Organizations with great products are no longer enough. Stakeholders in the organization want to see how the bank’s mission goes beyond making money. What greater good does the bank play in communities?
- While the ability to change is critical to banking industry success, leadership must also be amenable to transformation, especially during periods of disruption.
Leading with digital fluency
Who are the future leaders of the banking industry, and where can they be found?
The candidates for leadership positions in the commercial banking industry are no strangers to disruption. They are digitally fluent employees who have ridden out the pandemic and first-hand experienced the metamorphosis in banking first-hand.
Some of the characteristics they bring to a position include:
- An ability to work from anywhere.
- Intimate familiarity with technology.
- Intuitive understanding of how to seamlessly integrate various technologies
The banking industry needs people who can bridge the gap between banking technology and corporate consumers. To find digitally fluent candidates to take on these roles, banks will have to reach out to recruiters to prepare for BaaS.