After months of adapting to a new lifestyle and work due to the pandemic, many companies have had setbacks, while several others remain under uncertainty and stress, due to the lockdown policy. But an opportunity may have emerged for the fintech industry to think and act boldly. The question that arises is how can fintech companies respond to the needs imposed by COVID-19, by creating new opportunities for the future.
On the way to a cashless world
A very concrete example of how fintech companies are responding to coronavirus challenges is by accelerating innovations in digital payments. Social distancing took people away from physical money and brought about the need to use digital financial services and e-commerce. Even though this was an important trend taken into account by companies, after the pandemic it has undoubtedly become a necessity. In the words of Simão Cruz - co-founder of Portugal Fintech - to the ECO newspaper, today more than ever the market needs innovative financial solutions to operate more efficiently, smoothly, and safely.
Transformations in traditional banking