Here, we’ll look at how Fintech could help get the economy back on its feet.
The economy has taken a significant blow in 2020 due to the COVID-19 pandemic. With countries across the world continuing to lock down in a bid to control the virus, it further threatens the economy.
However, one thing that could prove pivotal to economic survival, is Fintech’s. Here, we’ll look at how Fintech could help get the economy back on its feet.
One of the main ways Fintech has helped during the coronavirus crisis, is it has stepped up where usual practices have fell through.
Retail and hospitality businesses have particularly felt the benefits of Fintech throughout the lockdowns. They have been able to switch to accepting online payments, helping them reduce money handling and customer contact.
Fintech has made sure thousands of smaller businesses have been able to continue trading during lockdown. As businesses can still take payments and deliver a socially distanced service, this is greatly going to help boost the economy.
One benefit of Fintech that both consumers and businesses get to enjoy, is easier, faster transactions. With Fintech payments, consumers don’t need to log into their bank accounts to pay for the goods they buy.
Mobile payments have become the norm, with mobile wallets offering a secure and fast payment method. They also offer a contact-free payment option and are encrypted, making the personal data almost impossible to steal.
Perhaps the best thing about Fintech is that it can help small businesses get access to the funding they need. Experts like Nucleus commercial finance can help those left out by the government. When the range of financial help was unveiled, millions of SME’s found they weren’t eligible for support.
Fintech lenders don’t use traditional metrics to assess a lenders eligibility. This means, newer businesses which have only started trading in the past year, have the same chance of gaining funding as an established business. This levels the playing field at a time when small businesses need it the most.
These are just some of the ways Fintech’s are helping to kickstart the economy. The pandemic has had a significant negative impact on the business sector. However, Fintech has helped to cushion the blow somewhat. Now as we look to control the virus and get the economy back on its feet, the technology is going to be key to our recovery.
Jeff White, leader of Robinson+Cole’s Manufacturing Law and Aerospace Supply Chain teams, and one of the most respected voices in the manufacturing world today, discusses the implications of tariffs becoming a permanent fixture, supply chains under constant stress, and technology transforming how companies operate. Jeff works with clients around the globe helping them navigate market access, growth, and disruption. He shares candid insights on how manufacturers can adapt to workforce shifts, embrace innovation, and stay competitive in a rapidly changing landscape. 🎧 Tune in to learn how to not just survive—but thrive—in today’s era of disruption.