In an increasingly connected world that is increasingly dependent on technology and all its benefits, one innovative area of digital is contributing to its mass adoption worldwide; the Internet of Things. IoT basically pertains to common things in our daily lives that are now connected and online. Wearables are seeing more commercial appeal and popularity, and everyday appliances and objects around our homes are connected more and more, enabling ‘smarter’ homes and easier lives. According to Business Insider, 64 billion IoT devices are estimated to exist by 2025, an impressive difference when compared to 10 billion in 2018. McKinsey also states that 127 new tools are connected to the Internet every second.

FinTech as an industry is considered a disruptive force when seen from the perspective of traditional financial institutions, and on the other hand the old-aged global financial industry is seen as an inevitable challenge in the path of ambitious and increasingly popular FinTech companies. Although this notion has led to a mild friction between those two entities, the developing scenario today is pointing towards mutually beneficial collaborations and successful partnerships between the digital and physical finance worlds, especially after COVID19 pandemic.

During the ongoing COVID-19 pandemic, the world of finance is experiencing a disruptive period like no other to date. Traditional financial institutions like banks and similar physical locations are almost completely prohibited today and face-to-face operations are restricted to online platforms. However, in a world where FinTech was already making a great impact, its potential and demand has increased tremendously since the start of the global Coronavirus outbreak. Could this be the final push to a fully digitized finance ecosystem?