Most of us have never experienced times like these before but, while the medics deal with the health crisis, we - the financial services and FinTech sectors - have a crucial role to play in minimising the economic impact.
To keep the economy moving, we have to keep working. Those set up to run their businesses remotely online can continue to trade as normal and help the country over this devastating, but temporary, hurdle.
Digital financial services are now thrown into sharp focus and, for those who have yet to get their businesses online, now is the time for so-called "Digital Transformation". This means being able
to trade, settle and operate that business online, rather than just simply presenting the company and its wares via a "brochure" website.
There are firms who have systems and business models that provide companies with digital transformation for many areas of financial services, including our own specialism, lending operations. Needs analysis, configuration, implementation, training, user
testing, go-live and support, can all be delivered 100% remotely. The resulting digital system is available for use remotely, both for customers at the front end and for operators, administrators and management of the back office.
For those who know they need to improve their online services, now is the time to grasp this opportunity to get it done because
it can all be done whilst working from home.
To implement digital lending whilst working remotely...
- Document your ideas for your lending model
- Check out the regulatory environment for your model (UK and/or globally)
- Research IT specialists to see what lending software is available on the market
- Cost your project and get buy-in from management
What can IT specialists do to help?
- Talk to them about regulation, lending models, automation, digital transformation and running a digital lending business
- Compare their solutions with your lending requirements, get them to show you how close they can match your business model, via online screen share facilities
- Prepare the specification with full pricing guidelines
Even final preparations for Go-Live can be done from home
- Vendors may be able to deliver a working system immediately for you to explore
- Once configuration is complete, you will be able to start testing the platform
- Training should all be done online too
This means that your employees stay productive in these strange times and your firm exits the coronazone with a new business opportunity, a new distribution channel to market.
Keep calm and keep doing business for your staff, your customers, your business and the economy.