{"id":14866,"date":"2020-05-01T14:22:03","date_gmt":"2020-05-01T14:22:03","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=14866"},"modified":"2020-05-01T14:22:03","modified_gmt":"2020-05-01T14:22:03","slug":"analytic-report-details-the-impact-of-covid-19-on-the-fintech-industry","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/analytic-report-details-the-impact-of-covid-19-on-the-fintech-industry\/","title":{"rendered":"Analytic report details the impact of COVID-19 on the FinTech industry"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The COVID-19 pandemic has had an enormous impact on our lives, reshaping the way we work, consume and interact. Earlier this month, we highlighted a Finch Capital analytical report that describes the key challenges and opportunities for FinTechs during and after the COVID-19 crisis. Let\u2019s dive in a bit deeper into that report now that we have a better understanding of the pandemic and its impact:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The crisis will last until at least Q3 2020; this will be followed by a 12-18 month recovery period.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Digital-only is becoming the new industry norm in financial services, greatly accelerating a trend which started in the last decade. This is triggering a battle for consumers between FinTech incumbents and newcomers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financial institutions are looking to tech companies to quickly accelerate their digital transformation and gain any advantage possible.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">FinTech sector winners in this context include:<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Consumer and SME lending platforms, the best-adapting mechanism to swiftly and efficiently deliver capital to key segments of the economy<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mortgage and life insurance digitalization, disrupting the role of traditional, face-to-face intermediaries<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">FinTech enablers working with artificial intelligence, internet of things and software solutions are in high demand, including:<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bots for call centers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Simpler and more effective account opening procedures<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loan process automation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Better know-your-customer procedures<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Key areas under pressure include:<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Challenger banks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Wealth management solutions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Payment and foreign currency solutions<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fewer FinTech IPOs are being offered.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To view the report in its entirety, click<\/span><a href=\"https:\/\/ee911a6f-cb33-467b-961a-87b9cafb2752.filesusr.com\/ugd\/14138f_ea533f6e680b46b3af3d1b0aa7f8d10d.pdf\"> <span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-14866 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='7 things COVID-19 changed in Kazakhstan\u2019s banking sector'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/7-things-covid-19-changed-in-kazakhstan-s-banking-sector\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/06\/2ca5bd86-23d0-44e9-9336-8c949e1cea531-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15036\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15036'>\n\t\t\t\t7 things COVID-19 changed in Kazakhstan\u2019s banking sector\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 17th \u2013 24th April'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-17th-24th-april\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/04\/9c820685-3efc-43bf-9e5e-114e68b2474e-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14824\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14824'>\n\t\t\t\tBFC FinTech Monitor 17th \u2013 24th April\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='FinTechs providing free and discounted services during the COVID-19 crisis'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/fintechs-providing-free-and-discounted-services-during-the-covid-19-crisis\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/04\/90440-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14810\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14810'>\n\t\t\t\tFinTechs providing free and discounted services during the COVID-19 crisis\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The COVID-19 pandemic has had an enormous impact on our lives, reshaping the way we work, consume and interact. Earlier this month, we highlighted a Finch Capital analytical report that describes the key challenges and opportunities for FinTechs during and after the COVID-19 crisis. Let\u2019s dive in a bit deeper into that report now that &hellip;<\/p>\n","protected":false},"author":12,"featured_media":14867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[480,497],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14866"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=14866"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14866\/revisions"}],"predecessor-version":[{"id":14868,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14866\/revisions\/14868"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/14867"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=14866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=14866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=14866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}