As the world evolves and becomes a lot more advanced, financial technology (fintech) companies have a bigger chance to solidify their positions. While the use of technology is not new, fintech companies exploit technology a lot better, putting them way above traditional financial institutions. With the ongoing coronavirus pandemic, there is a lot of uncertainty about life and business after the pandemic. As biting as it has been, we look at the effects of the coronavirus situation on fintech companies.

How Fintech Is Benefiting from Coronavirus Pandemic For many fintech companies, the restrictions in place by governments all over the world might not impact them much. This is because many of them already take advantage of remote work, and are used to not having to be in an office all the time. For most of them, work will continue smoothly. Another advantage is the increase in use.

Because people can no longer move around like they used to, they are forced to rely on online payment channels to send or receive funds or make purchases. According to a recent report from international financial consultancy firm deVere Group, the isolation and lockdowns caused a 72% spike in the use of financial apps in Europe, in a week.

Many of these fintech startups are now taking advantage of this jump, with several offerings. Monzo and Tide are two examples, as both are offering options ranging from repayment plans for loans to specific guidance services. Some companies are going further than just online payments.

Bengaluru-based Razorpay has partnered with furniture company Featherlite, to allow people to rent office furniture to help them work from home. Another Indian company Paytm has partnered with Reliance General Insurance, to create a COVID-19 insurance plan. Customers can purchase the plan in just a few minutes, on the Paytm app.

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