For years now, financial technology (fintech) has been disrupting the banking and insurance industries. And you can expect fintechs to play an even more influential role in the pandemic-stricken financial services landscape.
“With the continuous threat of COVID-19, governments such as Singapore and Malaysia’s Penang state are already encouraging digital finance and e-payments as a means to reduce physical contact and curb the spread of the virus,” Singlife Founder and Group CEO Walter de Oude told Digital Life Asia.
“The pandemic has already propelled digital adoption, with an 85 percent uptake in banking and finance apps in Asia due to COVID-19. As traditional banks report declining profits against the backdrop of the pandemic, some financial institutions are looking to increase their digital offerings to generate income despite the sluggish economy. As we move from respond to recover, fintechs will reshape the financial landscape from reinventing customer service to round-the-clock services, prompting traditional finance to follow suit,” he said.