As the pandemic causes businesses across the world to re-modify their expectations and KPIs, many companies in the financial services space continue to dominate the market, hire, and raise funds.
“Consumers are more open to using financial technology applications and are more trusting,” says Jillian Williams, principal at Anthemis Group. “Meanwhile, financial institutions are being forced to adopt technology because it is uncertain when social distancing is going to end.”
In fact, a study by consulting firm DeVere Group found that the use of state-of-the-art tech applications in Europe increased by 72% in just one week before the onset of the crisis.
According to industry experts, the art tech market in MNE will reach a peak of $2.5 billion by 2022, with geeky countries playing a key role in promoting growth.
In financial news, fintech companies see more opportunities. For example, in January, Visa purchased Plaid – a network that allows users to securely link their financial accounts to programs they use to manage their financial lives – for $5.3 billion. Days later, Visa invested an undisclosed amount in Security, which helps fintech companies secure their data.
At the same time, in April 2020, Robbins brokerage announced it was looking to raise $250 million to improve the program’s infrastructure.
Fintech Solution Advisor at Investera