Consumer-based Markets Embrace Digital Innovations Like Never Before

With the onset of the COVID-19 pandemic, people worldwide have shifted towards fintech adoption and digital banking. The fintech model is contactless, safe, and convenient. It has also proved highly efficient and effective concerning structure and outreach. Consumer-based markets in India and the Asia-pacific (APAC) region are welcoming fintech innovations rampant.

According to a recent survey, consumer usage concerning digital banking modules has gained considerable momentum. As per the survey, about nine out of ten people across emerging and developed APAC markets have been active digital banking users. They will likely opt for more banking services in the future with the help of digital pathways. 

The share of consumers actively using digital banking in APAC emerging markets shot up to 88%, previously 54%, between 2017 and 2021. The survey results also opine that the increasing levels of digital adoption will probably intensify even when the effect of the pandemic recedes in the future.

With finance welcoming a concurrent path, timely financial cycle reporting could soon become outdated. Conventional financial cycles could turn out to be less pertinent when compared to actuals and forecasts, which are generated on a real-time basis. Nevertheless, financial firms may still have to meet extrinsic demands concerning cyclical information, even though external investors might vouch for recurrent data for overall performance. 

Firms need to continuously access the merits of automation versus onshore and offshore functions. Financial firms will need to access and enhance their existing organizational structure amidst automation and newer working models. 

For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in