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In the wake of the pandemic, the Fintech industry has experienced a seismic shift. With the adoption of remote work and the acceleration of digital transformation, the industry has been forced to adapt and innovate at a breakneck pace. But what does the future hold for Fintech post-pandemic?
TLDR: Evolution of Fintech in the post COVID-19 world
Our latest whitepaper delves into the current state of the Fintech industry and explores the key trends that are shaping its future. Here’s a TLDR:
- Digital transformation– With social distancing measures and remote work becoming the norm, the adoption of digital technologies has surged, leading to a rapid transformation of the industry.
- Shift in Consumer Behavior– One major trend that has emerged during the pandemic is the shift in consumer behaviors which was the result of restrictions on physical transactions.
- Contactless Payments- With contactless payments taking a steep rise, this has resulted in a significant increase in the number of online transactions and an uptick in the use of mobile payment applications.
- Challenges of the Fintech Industry- However, this surge in digital adoption has brought with it a set of challenges for Fintech providers. One of the biggest challenges faced by the Fintech industry is the need for enhanced security measures to protect against fraud and cyber threats.
- Increase in Competition- Additionally the increased competition in the Fintech vertical has made it more challenging for companies to stand out from the crowd because of which they need to adopt innovative strategies and solutions.
- Where are customer’s spending?- In conclusion, the infographic given below details where customers are spending more and where they are spending less.
Our latest whitepaper explores the key trends and challenges facing the industry, and outlines strategies for success in the new normal. Click on the link given on the page to download the whitepaper and discover how your Fintech business can thrive in the post-pandemic era.