Fintech has been on an upward trajectory ever since its inception. It played a major role in almost all areas of finance ranging from banking to investments to insurance and so on. Making payments over apps is one major application of Fintech that is most often used during this pandemic. And thus, the major strides bought in by fintech is expected to stay relevant in a post-covid world if not better. But for that to happen fintech must evolve and adapt to how the economy is today.
Some of the ways in which Fintech companies can adapt to stay relevant in a post-pandemic world are detailed below:
Developing Customer Trust
As the virus is still out on the loose, bank visits, even visits to the stock exchange have gone down dramatically and improvements on the same is not expected anytime soon. Online payments have been on the rise but major payments or investments still need some work. For starters, use of video conferencing tools between banks, insurance companies and mutual fund providers and their customers can help reassure the customer of their investment and help gain their trust.
Aiding Senior Citizens
Fintech is most often used my millennials but that has now changed. Senior citizens are most susceptible to coronavirus and they need this technology to manage their finances and to buy things without having to move out. So, more innovations keeping in mind the needs of senior citizens is of utmost importance.
More and more apps are being explored to get business done, take for example video-conferencing tools, almost everything is now being done online right from buying groceries to consulting your doctor. So, having a well-designed interface that is easy to use and understand is very important.
Boosting Overall Security
Stories of major data leaks that happen in digital transactions have bought quite a bit of unrest in the minds of the consumers. This is what have kept many potential customers from using it in the first place. With how the economy is today, this is the only viable option, thus Fintech’s will have to educate customers of the potential risks involved, and how to stay protected. At the same time, Fintech companies has to focus more on improving security features and managing customer data securely.
Companies were forced to go through with layoffs and are now low on workforce, so for communication, various viable alternatives like chatbots, push notifications, in-app FAQs and other features are to be used so that customers can have their queries and grievances resolved.