Saturday, July 31, 2021 | Dhu al-hijjah 21, 1442 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI
Pandemic drives digital financial transformation...
The pandemic is pushing us towards digital work more quickly, especially in the financial industry

No one denies that many of the life concepts have begun to move today through the use of electronic means and modern technologies, especially with the Covid-19 pandemic. This prompts everyone to pay attention to electronic means in the completion of work.


The pandemic is pushing us towards digital work more quickly, especially in the financial industry. Many people are also pushing for an overhaul of outdated processing systems and widespread implementation of ABCD - an umbrella term that includes artificial intelligence (AI), automation, blockchain, bitcoin, cloud computing and data-driven digital solutions, according to the Oxford Business Group.


Although some of these technologies received great attention before the outbreak of the pandemic in the world, today they are becoming more important in many economic and social sectors, and they achieve an irreversible preponderance. This is what the group emphasizes, noting that the benefit of artificial intelligence is taking place with them. Transactions through organisations are using banks, brokers, and asset managers to gain insights and forecasts about markets, customer needs and risk profiles, as well as how they use online bank accounts for analysis that feeds fintech interfaces.


Recently, artificial intelligence-based technology has replaced many activities that were impossible due to the closure procedures, but many businesses today, including banking, are managed in modern ways and means, with financial companies responding in an enjoyable way to issues, adapting their offerings in real time and keeping pace with changing requirements. in the epidemic.


As for the blockchain, it is one of the hot topics, according to the OBG, as this technology provides many possibilities to increase efficiency in the completion of various transactions that are related to the plans, studies and policies adopted by institutions. These technologies have fundamentally changed financial services compared to the past, as institutions relied on expensive IT systems that today are outdated in front of Block Chain technologies, which pushes organisations to access many of the required systems, data centres and services through this cloud, with the work of specialists and those systems to maintain them secured and updated.


Through it, financial institutions are entering new markets at an amazing speed to learn about developments in financial and other markets.


Also, these systems and solutions are considered the cheapest in terms of cost, which provides savings that banking institutions and emerging financial technology companies alike can transfer to their customers as well, while providing the least amount of labor in operating these programmes compared to the previous days, which required large expenses to address huge internal IT issues. Many people today are using technologies to manage their financial affairs, especially banking services via their mobile phones, as a result of modern financial computing, which represents a major shift in this business in recent years, and is considered a fast track in societies for financial literacy.


Accordingly, we cannot discover what the future holds for us in these programs and technologies that do not stop providing smart solutions and challenges to customers, whether in the financial, banking or any other fields.


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