Covid-19 has invited us to reframe and disrupt the way we live, play, create and work. The impact of lockdown impacted all walks of life. Yet, like with all hard times, prosperous ones will follow. Across all industries, it has been companies that have been able to establish digital pivots that have managed the crisis well.
In our current world, operating in a digital space is advantageous and allows opportunity for disruption and innovation. Outside of finance, we just have to look to the likes of Airbnb who pivoted and reimagined their product offering for hosts to offer online experiences to learn about a new culture in lieu of the inability to travel. Equally impressive has been fitness studios that developed a new revenue stream by offering monthly online subscriptions for clients. In short, Covid-19 has accelerated the growth of the digital space and as we embark upon our recovery and to rebuild our economy, businesses across varying industries will enter a digital-only space. Companies that are able to pivot into their digital offerings will be the ones that not only survive but thrive!
In this accelerating climate, the future is Fintech and the impending global recession will be a driver for further disruption and change. As we begin a 12-18 month recovery, it is clear fintech will be the ecosystem of our future. By consequence, fintech companies will be able gain momentum to adapt to new ways of operating business, work systems and ways of living. Thus, the demand for fintech and international payments in B2B technology post-crisis will continue to grow.
Our post Covid-19 climate will accelerate the number of contactless payments. One way that Fintech will thrive is due to the fact that social distancing will be a norm for quite some time. Simultaneously, people will be used to prioritising hygiene and sanitisation. Thus, minimising physical contact between people and payments will be essential. On our path to recovery, digital payments will continue to boom.
At the same time, the future of fintech will also see a rise of companies looking to promote cyber security. Due to the increase of online payments, cyber security will be instrumental in terms of protecting clients and customers from fraud. Establishing trust between digital financial services companies and clients will be critical. As well as minimised contact and secure transfers, consumers and clients will be looking for financial services that are efficient and accessible to use. For fintech’s to thrive in a post-covid climate, user journeys interns of payments will need to provide ease of use.
Here are some words from our Managing Director, Bobby Ward “As we take strides into our digital future, operating in the fintech space is opportune. At Vorto, we are leading the way to connect our customers with the very latest payment technology. Providing products such as named multi-currency accounts for individuals and SME’s, this is not only helping our clients save money on bank fees but also enabling them to manage all they requirements from one platform. We have some exciting new features and products to add in the coming months so watch this space!”
If you would like to know more about Vorto and how we can help you or your business, please either call us on +44 (0) 20 3307 1155 or email [email protected]