As people increasingly depend on purely digital interactions in the ongoing COVID-19 pandemic around the world, it is the industry’s moment to show its real potential and true value. Several countries and cities have taken precautionary measures such as quarantines and partial curfews, and the demand for digital services has skyrocketed since the announcement of the global outbreak.
FinTech as a concept is bound to play a critical role in empowering the global population to get access to quality financial services, at a time when going to the ATM or depositing cash at your local bank might not be advisable. The essentials come first; helping out with remote medical services and facilitating access to quick & easy financial operations is making a tremendous impact on the frontlines of the global health crisis.
So how else can FinTech companies provide help & support through their vast collection of financial products & services?
Digital is the new thing
Never has there been more of a need to be a cashless society than in the time of social distancing due to the COVID-10 pandemic. The physical exchange of cash is a ripe medium for the spread of the virus, as communicated by the World Health Organization, and turning to digital alternatives remedies this temporary issue instantly.
Financial institutions in different countries are urging their citizens to use cashless methods of payment to mitigate the potential spread of the coronavirus.
African countries have a mature mobile payments ecosystem which they are currently leveraging to help with public health and limit physical transactions whenever possible. Various central banks have enticed citizens to go mobile by waiving fees or lowering KYC requirements to increase financial inclusion.
During troublesome times, people come to expect institutions they deal with in their daily lives to provide clear guidelines as to how to deal with a situation like a global outbreak. Their fears and anxieties need leadership guidance to reassure them that business will go on through the best practices available, which today is FinTech and digital finance.
Several banks & FIs are stepping up in that regard, communicating the safety measures being taken by them to their customers and encouraging them to use digital channels and operations more and more. They also established guidelines for unavoidable physical visits to the banks, nevertheless empowering them with FinTech applications whenever possible to respect social distancing. Recommendations on safety and well-being were also made for staff that needs to be present.
Business as usual is hardly an option nowadays, and so businesses need to overcome those challenges by breaking the norm in their operations, and small to medium companies are at threat of great loss in the coming days.
Strict measures and stay-at-home orders have been announced in many countries, and FinTechs are stepping up to offer innovative solutions to urgent problems. A bunch of FinTech companies collaborated to provide a turnkey origination and underwriting platform to allow lenders, banks and other FIs to fund SMEs in dire need of it through digital means.
These are trying times for everyone, and the digital ecosystem is providing its wide array of services to try and console a worried global population with what it can contribute. Allowing financial operations to be conducted online is one of the many benefits of FinTech during times of crisis, and we are sure to witness more innovative and convenient FinTech solutions to try and mitigate the impact of the virus, in terms of managing our financials and taking care of our loved ones in the process.
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