Finance is a sector that is continuously evolving. With the economy changing rapidly due to the Pandemic, finance trends have to adapt to fit with the time. Let’sLet’s take a look at various finance trends we can expect to see in 2021.

Firstly, dated core systems will need to modernize to work efficiently. 2020 was a year that challenged the infrastructure of many systems, and a lot of those systems were not able to keep up with the high volume of activity and change of pace. Relief programs suffered from the amount of loan document processing, and financial services started to move towards a shutdown. In 2021 we will be sure to see more modern, able, and secure economic systems. Next, banking will become widely digital. Contactless payments were already a rising trend before the Pandemic, and the method is now extending to banking. Many retail banking customers are now relying on mobile apps to operate their finances, and we will continue to see modern data analytics tools used in banking services.

Also, insurance will become more personal than ever before. Insurance companies showed they care about their customers by providing stability and calming the minds of people who were going through some of the most challenging times. Insurance companies will continue to tailor their services to customers’ needs and build a more substantial experience by using artificial intelligence and more comprehensive data sources. Wholesale and institutional trading will move away from trading floors. While some traders were positioned as essential workers and needed to remain on-site, many traders could continue their work from home. Zero-trust networks will allow more and more financial companies to take advantage of work from home and feel safe about their data security.

Along with this, we will also see work-from-home culture spread across almost every industry. High-speed connectivity is enhancing day by day, and we are moving more towards a globally distributed workforce. Hybrid working and responsive insight platforms will create a new way of connecting with employees and customers. Even after the Pandemic passes, we can assure that work-from-home will be a common theme in many offices worldwide.

Located in Madison, Wisconsin, Kristian Finfrock is the Founder of Retirement Income Strategies and a local radio show host. Learn more @ kristianfinfrock.org