Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world.
Repurposing LNG terminals for Hydrogen Ammonia: Feasibility and Cost Saving
COVID-19's BOOST TO e-COM GROWTH IS A TAILWIND FOR MATURED FINTECH PROVIDERS - Techwave.pdf
1. AMS
COVID-19’S BOOST TO E-COM GROWTH IS A
TAILWIND FOR MATURED FINTECH PROVIDERS
Technology is changing the landscape of the financial sector, increasing access to financial
services in profound ways. These changes have been in motion for several years, affecting nearly
all countries in the world.
During the COVID-19 pandemic, technology has created new opportunities for Fintech companies
to accelerate and enhance financial inclusion, amid social distancing and containment measures.
Fintechs could play an important role in mitigating the economic and social impact of the ongoing
COVID-19 crisis. Broadening the financial access of low-income households and small businesses
could also support a more inclusive recovery.
Fintechs provide faster, more efficient, and typically cheaper than traditional financial services
and, therefore, increasingly reaching lower-income households and small- and medium-sized
enterprises (SMEs).
During the COVID-19 health crisis, Fintechs can and are enabling contactless and cashless
transactions. Where digital financial inclusion is advanced, they are helping facilitate the efficient
and quick deployment of government support measures, including to people and firms affected by
the pandemic.
4/29/24, 10:11 PM COVID-19's BOOST TO e-COM GROWTH IS A TAILWIND FOR MATURED FINTECH PROVIDERS - Techwave
https://techwave.net/covid-19s-boost-to-e-com-growth-is-a-tailwind-for-matured-fintech-providers/ 1/5
2. While digital financial services are still small relative to traditional services, they are increasing
and at varying speeds across regions and countries. Fintechs are evolving from “spend” to “lend,”
and tend to fill a gap: both payments and lending develop where the traditional delivery of financial
services is less present.
During the COVID-19 crisis, access to government electronic systems that are well integrated with
digital financial services platforms such as fintech firms, mobile money companies, and digital
banking are proving to be critical in providing wide-reaching policy support promptly and without
physical contact.
THE INVESTMENT TREND CONTINUES IN THE MATURED FINTECH SECTOR
Money goes to mature, established, and frequented technology areas. Investors thus are favoring
fintech companies that improve existing processes.
The fintech companies, which fit into the dynamics of the crisis by presenting answers to
consumer needs, are also attracting investors.
Funding data from Q2 of 2020 shows that the trend towards embedded fintech applications, or the
integration of financial products by non-financial companies into their service offerings, is gaining
traction around the globe and across applications.
Fintechs have several unique advantages that both allow them to better position the proposition in
the current environment and be prepared to exploit future opportunities.
They are, for example, adept and harnessing and using data, and focused on the provision of a
seamless, customer-centric digital experience.
Fintechs are usually unburdened by legacy technology or strategies. This allows for the building of
platforms using a cloud-native approach that can take advantage of API ecosystems.
Fintechs are also better geared towards collaboration – using innovative tools and technologies to
do – and more comfortable in creating lasting partnerships with others in the sector.
FUTURE OPPORTUNITIES
The above unique advantages may allow Fintechs to find new opportunities in the long term
though few questions may revolve around how to leverage existing and newly developed assets.
Another outcome of COVID-19 may be the acceleration of partnerships with financial institutions
that offer benefits such as capital and infrastructure but increasingly seek innovative digital
solutions.
4/29/24, 10:11 PM COVID-19's BOOST TO e-COM GROWTH IS A TAILWIND FOR MATURED FINTECH PROVIDERS - Techwave
https://techwave.net/covid-19s-boost-to-e-com-growth-is-a-tailwind-for-matured-fintech-providers/ 2/5
3. There is also massive potential in holistic financial services that integrate consumers’ financial
needs and behaviors, such as healthcare. Opportunities may also arise to partner with big
technology firms on a global scale.
PREVIOUS POST
BE BOLD – You’re Not Alone on Your Digital Journey
NEXT POST
Need help with AWS migration? Techwave can make it easy
RECENT POSTS
More Than Just Implementation: How SAP Services Partners Boost Your ROI
2023 Curveballs and Wisdom to Thrive in 2024 and Beyond
Company Goals vs. Employee Expectations: How can Leaders Empower Shared Success in
2024?
Will Europe Win the 5G Network Race? Policy, Insights, and the Road Ahead
Emerging Trends in Data Security for a Competitive Edge in 2024 and Beyond
CATEGORIES
AMS
Analytics
Artificial Intelligence
AWS
Big Data
Blockchain
Search here..
4/29/24, 10:11 PM COVID-19's BOOST TO e-COM GROWTH IS A TAILWIND FOR MATURED FINTECH PROVIDERS - Techwave
https://techwave.net/covid-19s-boost-to-e-com-growth-is-a-tailwind-for-matured-fintech-providers/ 3/5
4. BPO
Cloud
Company Announcement
CRM
Digital
Digital Transformation
EIM
EMI
Engineering
EPM
ERP
Events
Featured
Fintech
IoT
IT infrastructure
SAP
SAP AMS
Validation
ABOUT TECHWAVE
Techwave is a leading global IT and engineering services and solutions company revolutionizing
digital transformations. We believe in enabling clients to maximize the potential and achieve a
greater market with a wide array of technology services, including, but not limited to, Enterprise
Resource Planning, Application Development, Analytics, Digital, and the Internet of things (IoT).
SERVICES
4/29/24, 10:11 PM COVID-19's BOOST TO e-COM GROWTH IS A TAILWIND FOR MATURED FINTECH PROVIDERS - Techwave
https://techwave.net/covid-19s-boost-to-e-com-growth-is-a-tailwind-for-matured-fintech-providers/ 4/5
