Fintech first emerged amidst the ashes of the 2008 financial crisis, and as the world eventually rebounds from COVID-19, it will again have a unique role to play.
In the wake of the 2008 recession, lingering distrust in traditional banking combined with the explosion of big data and cloud computing to create a new ecosystem of technologies which has provided businesses and consumers with better and more transparent financial services, in many cases at a lower cost.
Today, the increased rates of digital payments and global e-commerce penetration are one obvious implication of the current pandemic. But while this year’s global lockdown and lingering public health challenges have accelerated the adoption of some core fintech services, others – like digital banking and lending – are more likely to feel the crunch of the current economic slowdown.
Fintech in a post-pandemic world
What’s next for fintech on the other side of the pandemic, and how can the fintech sector support economic recovery and help the world build back better on the other side?
In the World Economic Forum’s October White Paper, PayU CEO Laurent LeMoal envisions the future of fintech while sharing some perspective on the impact of COVID-19 on different fintech segments.