Fintech’s Role When the Economy Shifts From ‘Respond’ to ‘Recover’

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There’s no shortage of articles and opinions about how fintechs are responding to and will be impacted by the coronavirus-fueled crisis in the near term.

But more and more, we’ve seen the commentary shift to a longer-term outlook. The media and thought leaders are considering the possible outcomes for the fintech ecosystem when we make it to the “other side.”

The Deloitte Center for Financial Services put out a publication on how fintechs are adapting for life after COVID-19. It points to the unique advantages — agility being a big one — that allow fintechs to go beyond providing value now to position themselves to thrive in the future:

  • Skilled in collecting and analyzing data

  • Cloud-native approach 

  • Super-focused on customer experience

  • Experienced at partnership

  • Adept at collaboration

“Fintech companies may be forced to reexamine their mission and business models after COVID-19,” the report states. “A key question is how to leverage both existing and newly developed assets to seize new opportunities in the future. It could be an opportune time to think big and act boldly.”

It’s good advice for us all, and at all times: Think big; act boldly.