the pandemic has transformed the way people live and businesses operate. While many industries had to adjust their processes to adapt to a new normal, some thrived thanks to their digital model.
A great example of one that thrived is financial technology, or fintech, which uses technology to deliver banking and financial services.
Fintech was a growth space prior to the pandemic, with growth in take-up of services from the sector jumping from 16% in 2015, to 64% in 2019. While fintech players were not immune to the impact of Covid-19, they were generally able to recover more quickly due to their agile model and their increased use of digital channels.
Key factors driving growth in fintech
Given the trend toward digitalization, let's accept that fintech is here to stay. With this in mind, let's talk more about the rise of this space and some of the exciting opportunities that lie ahead in this sector.
Accessibility to an underserved market
One of the main reasons for the massive growth in fintech adoption is that the sector managed to tap underserved markets that traditional banks often overlook. These include people who do not have bank accounts or smaller businesses with lower profit margins. Many fintech companies have appealed to these segments by providing easier access to banking services, including money transfers and microloans.
Increased contactless payments
Esta historia es de la edición Startups January 2023 de Entrepreneur magazine.
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Esta historia es de la edición Startups January 2023 de Entrepreneur magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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