How COVID 19 Has Helped the Fintech Industry

Sudeshna Dutta

8th Sep'20

History has always taught us that times of crisis drives the demand for technological advancement in any field. Those organizations or sectors that leverage innovative technology, to undertake difficulties and turn them into opportunities, are usually the most prosperous in improving society to recover.

 

Earlier this year, when the novel coronavirus caused a global pandemic, physical distancing was implemented around the world to check the spread of infection. This led to a flood in remote working and a spike in unemployment, also leading to technological innovation within a number of industries. In the financial services industry, digital banking trends were promptly affirmed.

 

How COVID has Actually Helped Fintech Industry

 

  • The outbreak of COVID-19 has led the society towards online more than ever and showed the significance of digital transformation methods in monetary services and other industries. 

  • It has proven that it is feasible to do the whole lot digitally and remotely and that digitizing client-facing services and interior operations can power efficiency.

 

Statistics which Prove It

 

For instance, In Europe, there was a 72% rise in the use of fintech apps in March only, and in the United Kingdom, around  6 million people downloaded digital banking apps for the first time between mid-March and mid-April.

 

Fintechs can supply options that are convenient, additionally safer. Perhaps one of the most essential traits about fintech options these days is that clients can remotely get the right of entry to monetary services besides the desire to go to a bank or cope with cash. 

 

People, and cash, are plausible transmitters of the virus. But with on-line lenders, digital channels are the new branches. SMEs who undertake fintech options are decreasing the want for pointless human contact and defending people’s health.

 

To know more about this topic. refer to these links:

Covid-19 is a turning point for this FinTech:

 https://bfsi.economictimes.indiatimes.com/news/fintech/covid-19-is-a-turning-point-for-this-fintech/74861775

How has Fintech helped with battling Covid-19: 

https://www.finextra.com/blogposting/18596/how-has-fintech-helped-with-battling-covid-19

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas on the emerging industries, refer to the other resourceful blogs at OpenGrowth. If you have any suggestions or questions, do let us know in the comment section below.

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