At times, potentials are hidden deep that you need an impulse to explore it. So far things were going smooth and suave for FinTech. Taking FinTech operations to the next level was restricted to the level of researchers in the field. The corona has really turned things around. Not only the professionals, but also the customers started exploring the digital way of managing FinTech, which is a good sign!
There has been a huge 72% increase in the use of FinTech app in Europe during these days of corona outbreak. Also, the banking app usage in Asia and Middle East has also witnessed a climbing stage. This is expected to persist even after the corona epoch. The customers have finally realized the convenience and easy transaction opportunities that these apps are providing.
Digital services like online payment, asset management, Insurtech etc. will become the new normal. This will further catalyse the governments’ efforts to drive nation more closely towards digitalization. The FinTech sector will have to meet changing consumer demands arising due to larger FinTech users migrating to digital services.
Traditional banks will have to collaboratively work with FinTech companies to meet this changing customer demands. This sure will increase the reach of these sectors to distant locations, attract utopians and cut operational cost.
FinTech start-ups have a lot of hurdles to overcome. But, the good news is: funds will be available for FinTech companies that can survive the pandemic.