Fintechs and bank+fintech partnerships after COVID-19

premium
Q+
23/06/2020Study
We are living through an exceptional moment which many people define as “the largest Black Swan event of our lifetimes.” There is no question that 2020 will be challenging for fintechs to navigate. However, given the nature of this crisis, which is causing people all over the globe to reconsider their daily routines and movements, prosperous times remain ahead post crisis as financial institutions are pressured to evolve to meet new customer demands and behaviors. 

In recent years, banks have been turning to Fintechs to introduce new digital and data-driven tools that have transformed how they do business. From RPA in the back office to automated recruiting to customer-facing technology, Fintechs have pushed innovation upon banks. Now, these new tools will not merely be nice-to-have add-ons, but integral to any bank’s strategy in the post-Covid-19 world. Banks that do not radically restructure the way they work and deliver their products to customers risk being obsolete in a future where people are not moving as freely as before.

As far as this crisis is concerned, the light at the end of tunnel has not yet appeared. These predictions were made based on a positive, best-case scenario where things get back to some type of “normal” in 2-3 months’ time. Governments are declaring stimulus packages one after another and pouring almost unlimited liquidity with very low interest rates to reduce the effects. Fintechs and their banking partners can use this event to create new business and foster existing lines of business.

Efma senior advisor Gorkem Cokcetin has divided the fintech fields into three dimensions: businesses (primarily SMEs), households, and operations and has taken a closer look at some of the coming developments in each area.

Want to keep reading?

Become a Qorus member to get access to all our insights

Related news & insights

SME Banking
02/04/2025News

Chime Enterprise unveils Chime Workplace, a financial wellness suite for employers and employees

Available at no cost to both employers and employees, the platform integrates Chime’s financial tools with real-time workforce financial health...

02/04/2025News

Bankinter finalizes merger of EVO Banco and Avant Money to strengthen its international presence

Bankinter has officially signed the merger of its digital banking subsidiary, EVO Banco, and its Irish division, Avant Money, into...

Digital Reinvention
01/04/2025Article

Predict, engage, transform: AI’s role in the future of banking

As financial institutions intensify their focus on customer engagement, operational efficiency, and fraud prevention, AI is reshaping the industry with...

Digital Reinvention
01/04/2025News

CIBC leads the way in responsible AI adoption in Canada

CIBC has become the first major Canadian bank to sign the Government of Canada’s Voluntary Code of Conduct on the...

Digital Reinvention
01/04/2025News

Revolut confirms its success in France and unveils new ambitions

Revolut continues its rapid ascent in France, surpassing 5 million customers and gaining an impressive 1 million new users in...

Digital Reinvention
01/04/2025News

Lunar launches youth banking app to empower the next generation

The new platform aims to help young users develop smart financial habits while giving parents the tools to oversee and...

Digital Reinvention
01/04/2025News

Chime introduces Chime+, a premium membership tier, alongside a redesigned app experience

Available to those who set up a qualifying direct deposit, Chime+ offers exclusive perks such as a 3.75% Annual Percentage...

31/03/2025Interview

At work with Greg Krasnov

Greg Krasnov is the Founder of Tonik, the first neobank in the Philippines. In a chat with Qorus’ Boris Plantier,...