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Impact of the Fintech Industry During The Pandemic

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Impact of the Fintech Industry

Fintech is the evolution of financial technology as we know it. The best part, it has already changed the way we interact with money, how our cash flows and the systems that regulate it.

It typically uses technology and online services to offer banking, and insurance services in a more convenient way. Some of the most common “older versions” of fintech companies include PayPal, GooglePay and more. These days, the services out there is simply next level.

Including complete automation of loans and lending services. Whether you want to just borrow cash in Canada, or get a car loan in Germany, Fintech apps and services are now being implemented everywhere.

Fintech typically offers better customer service, lower transaction costs and way more value when compared to traditional banks. It’s also cheaper to implement which has made it a massive hit in developing countries.

Consumer Adoption of Fintech

Fintech has changed the way we use and think about money. Due to its many benefits both on the consumer and business side. This has fuelled its adaptation at a rapid clip as well.

From local banks to international payment processors,

Fintech apps are being integrated almost immediately and during the pandemic, this tech played a great role in digitizing payments all across the globe.

Let’s have a look at the global impact of Fintech. Starting from North America and then the rest of the world.

Fintech in the US

The United States is currently experiencing a financial technology boom that is fueled by the rise of fintech companies. With increased competition, companies in this space are able to provide financial services at low rates. This is slowly getting rid of smaller banks and making things more democratic in the financial world.

The United States is also one of the leaders in this space. Fuelling the growth of many fintech startups like no other country at the moment.

This is due to having an educated and tech-savvy market, which has created tremendous potential.

However, with increasing complexity and roadblocks from the current government, the road looks challenging but not something that can’t be overcome.

Fintech in Canada

Fintech has seen rapid growth in Canada over the past few years with many innovative companies being formed.

Canadian fintech companies are now expanding into other countries like China where there is a thriving fintech market.

However, these companies are experiencing some issues due to regulatory uncertainty and a lack of support from government institutions. Regardless, the Canadian government is poised to continue with helper programs to promote Fintech as much as they can.

Now that’s a very good thing for anyone involved.

Around The World

Fintech companies are increasingly popping up around the world as well. The industry is expected to reach $3.7 trillion by 2025.

As these fintech companies emerge, they are changing the face of the banking industry. Many people use them for their day-to-day transactions, and it is predicted that they will contribute to a significant chunk of the world’s GDP by 2030

Over a decade ago, no one would have thought of using a mobile phone as a banking device.

Nowadays, many people carry their mobile phones with them at all times and use them as an alternative for traditional banks.

 

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