With standard daily activities having come to a halt and personal tragedies impacting so many, the COVID-19 crisis has raised questions about how the business world is adapting and how the wheels of industry will continue to turn. There will be changes that reverberate for many years, but today, how are firms planning for the future with regard to financial software solutions?

What’s Happening Now?

Implementation projects are continuing apace with work that was being done onsite now being delivered remotely. In recent weeks VERMEG has seen an increase in best-practices projects to leverage new functionality within its software suite to enhance STP and reduce operational risk. New sales enquiries are continuing, with some dates shifting and on-site presentations moving to virtual, but interest remains notably stronger than this time last year.

The Future

Are firms willing to put pen to paper? We’re happy to say “YES”! We have had a number of clients sign additional statements of work that will be delivered remotely during the crisis. We are particularly happy to announce a new client in the USA for our award-winning Colline collateral management software. The client has selected a cloud deployment with VERMEG providing Colline on a Software as a Service (SaaS) basis.

This crisis has brought a few factors to light including the importance of technically robust and highly available solutions. We believe that this crisis will accelerate cloud adoption, including for mission critical systems.

Financial and insurance firms are looking at modern methods to attract and retain customers in a digital environment. Through digital transformation projects, firms are empowering employees and clients in order to introduce new sales channels, improve the customer experience and ultimately, increase revenue streams.

A committed Digital Transformation program will be key to a firm’s longevity during and after this crisis. Firms such as VERMEG, with a long history of delivering successful and economical Digital Transformation projects are best placed to partner with financial and insurance firms to come through this crisis with a way to empower both customers and employees.

To borrow a phrase “Someone’s sitting in the shade today because someone planted a tree a long time ago.” – Warren Buffet.

We will get through this, and can look forward, I hope, to some positive outcomes to what is a deeply distressing period in our lifetime.