The 5 fintech trends likely to stick around after the pandemic:
Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.Seven months after the coronavirus pandemic first hit the U.S., even self-proclaimed Luddites have migrated much of their day-to-day life online.
Even after life returns to “normal,” it’s likely that some of the behaviors kick-started by the pandemic will persist—including the ways that customers bank, pay bills and conduct transactions.for addressing broader personal finance issues like paying down debt, saving and budgeting.1. Adoption of Fintech Among Older Populations Is Up
In fact, fintech, in general, is seeing an explosion of active users. In a survey of 3,000 U.S. adults, IT consulting firm SYKES found double-digit increases in new users for personal finance, budget, investment-tracking and stock-trading apps since the start of the pandemic. One arena in which this is particularly evident—and an area that may change forever as a result of Covid-19—is remittances. In this sphere, fintechs like TransferWise offer significantly lower remittance costs than traditional providers. In the Covid-19 era, these savings are particularly critical for financially stressed consumers, including migrant workers sending money to relatives overseas.
Despite widespread digital transformation within the finance industry, customer satisfaction rates of banks that operate exclusively online remain comparatively low. The J.D. Power survey noted that, in pre-pandemic times, customers were generally less happy with digital-only services than they were with in-branch or a mix of in-person and online interactions.Online retail spending is up in a big way. Interest in and reliance upon ecommerce has skyrocketed.
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