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How the pandemic affected the FinTech industry

There is no doubt that the pandemic affected every part of our lives. We had to learn how to work, learn, relax, and even think in different ways. In such reality also new technologies – so useful and needed – transformed. Let’s find out what differences we can observe in the FinTech industry since the coronavirus is all around the world, and what are the predictions of how we can use the industry in the future.

Since FinTech is one of the tops commented trends, many companies feel they need to improve their internal processes and solutions. Nowadays we live in the “online” and FinTech is a perfect tool for that. Before the pandemic broke out, many companies decided to chose FinTech as one of the development paths. Now it’s happening quicker and we all see it will last and stay with us for a long time. 

One of the most important changes we can observe during the few last weeks is that people started to do more shopping online. Since the malls and other regular stores were closed and we had limited access to traditional shopping, we willingly went online. And that is the place where FinTech is very needful. Why? The answer is simple: it gives people the possibility to make online transactions and shopping without going out from safe homes. And to be clear, by online shopping we don’t mean only e-commerce. It’s e-learning and e-entertainment as well. Most of the things we used to buy in “real” life exist online (well, except big events like gigs of our favorite superstar). Our lives are transforming digitally – since we look for enjoyment online, we are aware that it costs.

Another thing that manifests FinTech improvement is maybe small and could go unnoticed, but we find it truly significant. What is this? It’s the increasing payment limits from 50 to 100 PLN without the need to enter the credit card code. Such a change was already planned for the end of the year, however, due to the security conditions, it had to be introduced earlier.

The next example of fast FinTech expansion in many businesses is the BLIK payment method. What is that exactly? BLIK is a payment system that allows users to pay in stores, withdraw cash at ATMs, and make online payments. It was already becoming quite a popular way to pay but not every business was ready to introduce it to its customers – like for example courier companies. However, it has changed. During the pandemic, the GLS company decided to give its clients the possibility to pay by BLIK. It’s safe and easy – one can pay without cash and in a contactless way.

Nowadays, many financial processes are taking place in the online world. Increasingly, we can open a bank account based on our data and selfie. We can sign the documents with the electronic signature or pay for some products using the app. Things are changing very fast and every day brings us new improvements that can help us to stay safe and meanwhile deal with our daily challenges. 

People behind the FinTech industry bring us new possibilities and learn how to find ourselves in a completely different – online – world. A world that belongs to finance as well. In tough times as we experience now, we go online (also in financial matters) because it’s easier, and because it’s safer. The question is: will it stay that way when everything is back to normal? Or will we stick to the online solutions – also for banking and paying? 

 

Photo by Mika Baumeister on Unsplash

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