We have all seen the pace at which China moved from cash payments to having an advanced digital economy, where payments through applications such as Alipay and WeChat Pay are contactless.
This has been particularly handy in the times when the country was suffering from the Corona Pandemic . People could simply order and pay via their mobiles and be given a time to pick up their order.
The UK, on the other hand, still has a long way to go on the digital economy route. With a lucent regulated ecosystem, UK is undoubtedly the most secure region to incubate innovations in the financial space. However, the “innovate or die” mantra that has been chanted from early 2018 up until 2020 has only promoted the high street banks to invest primarily in mobile banking apps that enable consumers to operate their bank accounts from handheld devices with fancy touch(fingerprint) & face recognition authorization. A logical extension of this was the emergence of #FINTECHs. Even so, the true potential of #emerging technologies and #datascience techniques has been sparsely utilized to improve the customer experience, reduce operational overheads and optimize compliance efforts. We all are well read about the recent developments around Monzo, Starling, Revolut & N26.
This is precisely one of the goals that e-Zest helps its clients achieve in the BFSI domain. We empower businesses to make use of simple digital currency solutions & innovations, may it be around mobile payments, contactless transactions, rewards and loyalty incentives or even digital wallets like #Paytm #GPay #AmazonPay #ApplePay etc, to deliver a smart, secure & seamless experience to their patrons.
With the unprecedented outbreak of COVID-19 it is involute to predict how the global economy would swing. Having worked with Fortune-listed pharma enterprises as well as national Governmental and Intergovernmental Agencies, we at e-Zest are confident that the global society will emerge victorious in its fight against this deleterious #virus. While our frontline fighters #NHSHeros are working towards eradicating this pandemic, we at e-Zest are deliberating on solutions & processes that are agile, customizable and enable quick deployment in order to support the financial building bodies to recoup.
Business trends and patterns are evolving across the globe from High Street to Wall Street, rather The Square Mile would definitively re-shape and re-define Great Britain’s Economy. Making informed business decisions and policies will undoubtedly require precise knowledge based on historic data, conjured using analytic techniques such as #Descriptive, #Diagnostic, #Predictive & #Prescription Analytics. Simple implementations such as real-time transaction capture, automated reconciliation processes coupled with UK’s trust based regulated financial industry would indeed help the local businesses and consumers to bounce back & emerge a world leading economy yet again.
Just considering the several measures announced by MP Chancellor – Rishi Sunak to support UK Businesses & Employees:
- Business Rates Holiday
- VAT Deferral
- Cash Grants
- Income Tax Deferral
- Small Business Funding
- Coronavirus Business Interruption Loan
- Corporate finance support
- Time to pay
There is humongous transactional data that is being and will be generated-consumed while the UK Government equips to bounce back. Leveraging Emerging technologies alongside the #Distributed Ledger Technology (DLT)will facilitate consensus of replicated, share and synchronized digital data geographically spread across multiple sites, countries, or institutions. #DLT’s proven capabilities of recording the transactions of assets in multiple places at the same time, unlike traditional databases, provide a more reliable mechanism to Open Banking implementations. This is something that has evolved in the shadows of #Blockchain but has a better adoption rate now.
#AL, #ML, #DataScience # Deeplearning & #DLT open up disruptive opportunities far beyond mobile banking & fintech for traditional financial institutions to explore:
- Mortgage-free loans
- Seamless single-point global payments (Insurance, Travel, Hospitality, Retail to name a few)
- Real-time transaction logging
- Verbal banking
- AI powered voice authentication and transaction notification
- Ml & DataScience based solutions for analysing consumer spend trends
China has indeed led the world into many new areas such as mobile banking and QR scan payment implementations. The UK now has an opportunity to win this race by adopting emerging technologies and distributed ledgers in its regulated financial industry.
In keeping with the temporary new normal of social distancing and remote working, let us connect over a virtual coffee meet to steepen the learning curve and discuss, how we can collaboratively ensure business continuity in and after such testing times.