Post pandemic crisis, even though life returns to normal, it is possible that some of the traits started by the covid will persist, involving the ways the customers bank, conduct transactions, and pay bills.
FREMONT, CA: The rapid shift to all online business has a ripple effect across the . As bank customers seek online communications that replicate in-branch experiences, organizations are transforming to offer seamless digital services. Contactless payments are seeing all-time high levels of adoption. And even previously tech-shy segments of the population are turning to apps to manage money matters.
Post pandemic crisis, even though life returns to normal, it is possible that some of the traits started by the covid will persist, involving the ways the customers bank, conduct transactions, and pay bills. Fintech also provides a series of tools for addressing more widespread personal finance issues such as budgeting, paying down debt, and saving.
Here are two significant pandemic-influenced fintech trends worth looking out for.
1. Shift in Consumer Perceptions of Online Banking
According to a survey conducted by a consultancy in June, about 44% of 18 to 34-year-olds registered for online or mobile banking for the first time during the pandemic. Another study found an overwhelming number of over 69% said fintech was a financial lifeline in the Covid crisis.
This boost in customer interest in finance technology is likely due to several factors, including:
• Several people are experiencing considerable financial upheaval right now. Turning to budget applications, for instance, has made a way to re-establish command and keep an eye on unwarranted bank account balances.
• A few notable enterprises have stepped up to offer assistance or relief programs. Some are even reducing fees to serve a bigger audience.
• With the ease of mobile convenience, customers are likely not to venture banks and retail stores. A survey found that closely a quarter of respondents plan to use bank branches less or stop visiting them moving forward.
2. Low-Cost Remittance Platforms Are Earning Traction
In this domain, fintech businesses are offering significantly lower remittance prices than traditional providers. In the Covid-19 period, these savings are principally critical for financially stressed customers, including migrant laborers sending money to relatives overseas.
Earlier, the remittance space was not quick to become accustomed to the digital age, unlike other finance industry areas. Nonetheless, covid-19 and its financial pressures have paved a more transparent path forward for low-fee remittance and payment transfer services, which are fair, transparent, and use dependable exchange rates.