A Fintech Revolution: How The Pandemic Accelerated The Adoption Of Digital Solutions
I don’t know about you, but I haven’t used the cash in my wallet since the onset of the lockdowns in March 2020. And I don’t miss it at all. I’ve found that the digital financial life is fast, safe and provides easy ways to track.
Digital, mobile and social channels are an indispensable part of everyday life. This was true before the pandemic but is even more definitive now. Economic lockdowns, social distancing and remote work have all contributed to a rapid migration to digital technologies.
Recent data from McKinsey argues that the U.S. advanced five years ahead in consumer and business digital adoption in only eight weeks. Schools pivoted to online learning, doctors adopted telemedicine, grocery stores shifted to online ordering and delivery and so on. Financial services were no different.
Fintech entrepreneurs rose to the challenges posed by Covid-19 by delivering consumers digital, secure, seamless user experiences and trying to expand access, safety, convenience and efficiency at a lower cost. As a result, I’ve seen that the consumer perception of using and trusting technology to manage their finances has fundamentally changed.
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