Last updated on April 8th, 2024 at 06:21 am
Financial technology or fintech traces its beginnings in the late 1800s. Ever since it was introduced, it has drastically disrupted and remolded a long list of business sectors. According to the latest data, the world financial technology market is valued at $127.66 billion and is expected to prosper in the next few years. However, due to the coronavirus outbreak, many aren’t too sure about how the future of Fintech will look like.
Fintech in the time of COVID-19
To date, there are 3.5 million people infected by COVID-19, and the number is expected to grow until a vaccine is made available. Because of the situation, hundreds of countries have rolled out stricter measures in controlling the movement of people. Some companies are forced to close their operations while others have transitioned into a remote-working setup.
In the Fintech industry, many are afraid that the coronavirus outbreak can affect the availability of funding. But experts such as Deloitte claim that the situation can open new doors of opportunities. The company released a report containing details on how COVID-19 can help some business sectors recover and innovate. The innate agility of Fintech is expected to contribute a lot to the sector’s ability to create quick and effective solutions.
COVID-19 – Expected to impact fintech companies
Needless to say, the viral disease will surely reshape the world. Even after the number of infections plummets, businesses and consumers are expected to embrace the new norm.
In Fintech, one can expect to see companies rising to the occasion. To lessen the risk of total shutdown and increase the rate of survival, fintech companies need to make necessary adjustments such as:
- Enabling employee to make use of work from home engagement
- Adjusting existing work framework and practices
- Strengthening digital infrastructure
- Boosting the company’s technological capabilities
- Assessing high-risk components of the business
After the outbreak, a lot of business sectors are expected to turn to fintech in an effort to meet the demands for digital transactions. In effect, fintech companies, especially those involved in providing services such as digital payments, automation, cloud computing, and cybersecurity, will need to hire more talents.
Right now, a lot of companies are slowly expanding their team. And they’re looking for fintech professionals to fill their vacancies. Some have opted to hire workers who were not available before because they were part of another firm. While others are tapping into the growing pool of fintech professionals who are eyeing on flexible work arrangements and a new source of income.
