“Huge.” “Surging.” “Very hot.”
Those were just a couple of the terms financial news outlets used to describe the fintech market in 2020. They weren’t just buzzwords. Fintech has seen double-digit growth in transaction numbers and volumes during the pandemic, according to a study that included the World Bank. And digital banking surged during Covid-19, reported American Banker, with 35% of consumers using online banking services more.
It’s no surprise why. During the global Covid-19 pandemic, with many offices closed and employees working remotely, some businesses have found they needed to develop new ways of working in just weeks—or even days. A major beneficiary of this sudden corporate innovation turned out to be the fintech industry, since companies had to implement their digital tools to meet the demands of a stay-at-home world.
But Covid-19 didn’t just accelerate the growth and adoption of fintech. As businesses explored fintech’s potential, they found even more uses for it—uses that disrupted traditional business practices. Some finance and accounting teams also discovered that fintech tools could help cut costs and streamline operations, delivering significant productivity improvements. Here’s how.