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In the past year, COVID-19 came out as a tremendous tragedy, and its immediate impact was very clear, from both health and economic perspectives. The pandemic created havoc on the global economy; it wreaked increased uncertainty, risk, and volatility in the market. The financial sector contracted to the levels of The Great Recession 2008. With this, finance functions are now forced to evolve rapidly to keep up with the pace of change.
While financial functions were already experiencing significant shifts towards digital transformation, they now have no choice. Digital and technological transformations during this challenging period were imperative for financial institutions to curtail the economic recession and support their customers, especially SMEs.
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