BFC Bulletins Monthly News Digest
KPMG has published the latest edition of its Pulse of FinTech report, highlighting how words became actions as the COVID-19 pandemic made digitalization a critical priority for businesses of every shape and size around the world. This is also true for incumbent financial institutions and their consumers, as demonstrated by the following key trends of the past year:
- Accelerating digital adoption, including a greater demand for e-payment solutions and contactless banking services
- Radically shifting consumer behaviors, including the use of e-commerce platforms, digital customer service channels and e-wallets
- Growing FinTech investments and partnerships from corporates looking to accelerate their transformation efforts
- Mature FinTechs and BigTechs embracing mergers and acquisitions to grow geographically or add new forms of value for consumers
- Increasing attention from governments and regulators as to how FinTech is evolving and what needs to be done to support change
These trends are unlikely to slow, even as the COVID-19 pandemic wanes. People and businesses around the world have come to recognize the importance of agility and responsiveness and will be demanding continued digital growth from the financial sector.
In retrospect, 2020 was a gamechanger from many perspectives. And life from 2021 forward will never be the same, especially not in the financial sector.
View the full Pulse of FinTech report here.
