Top Finance Execs Tell Us How the Pandemic Will Change the Industry
We asked five executives which pandemic-driven changes will be lasting. These are their answers.
Photographer: Chesnot/Getty Images
The coronavirus pandemic and unprecedented economic lockdowns have changed a lot of things, including how people deal with money and investing. But which shifts will prove lasting? We asked some executives for their views on what aspects of the financial industry will never look the same again.
Sheena Allen
Founder and chief executive officer
CapWay Inc., a mobile bank focused on underbanked communities
It will forever change the way we handle cash. We have been expedited into what was an already coming cashless economy.
The inequality is only going to increase. If I am in a rural town in Mississippi and I’m going to the local grocery store, and they’re saying, “Hey, we’re not taking cash,” what am I supposed to do? I can’t go down the street and start a bank account.
Chris Wooten
Executive vice president overseeing surveillance
NICE Actimize
The pandemic is a true test of firms’ values and ethics. Thankfully, financial firms need not choose between operating compliantly and endangering people’s health. Cloud-based technology exists that operates from anywhere to ensure our markets are managed effectively. Widespread use of cloud-based compliance technology has had, and will continue to have, the single greatest impact on market surveillance programs long after this crisis is a distant memory. Attention to compliance along with conduct is forever changed, and cloud is here to stay.