Financial services & Fintech
The ongoing transformation of paper to digital money has progressed significantly especially post covid, where a digitization push in the industry has led to adapt quickly than smartly. Startups are leveraging onto this fast transformation by taking time to find the best solution possible rather than the first available solution. This is creating a journey of continuous shift for supremacy through inorganic acquisition and internal technology development programs. Adding onto the situation the regulatory is further introducing digital banking and financial services licenses which is giving entry to more challengers in local and international markets. On the flip side, the paradigm shift towards decentralized blockchain technologies and currencies are shaping their case to take center stage as replacement currencies. Time will tell how fast the recognition happens and the new world order to be written over the coming years.
MS&’s view is that the world of financial services is fragmented currently and will need to consolidate towards a better idea and foresee alignment towards transparency, cybersecurity and asset backing for stability as an instrument of exchange preserving long term value in transacting. From a customer perspective the breadth of loyalty and rewards offerings to the likes of credit cards will also play a significant role in churn management. We are poised to support our clients in providing access to gain competitive edge either through blockchain route or reinventing the traditional financial services to newer or global markets through new technologies or over the top platforms.
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