COVID-19: industry impact & response
With the unprecedented changes the COVID-19 pandemic is causing, the FinTech Futures team is here to help the market navigate today’s challenging business landscape.
We want to reassure you that FinTech Futures is operating with business as usual. Every member of our team is still available via email and the phone numbers published on our contact us page.
We are publishing news and analysis on the website, including details of how the industry is responding to the pandemic. Below is a compilation of the articles on the subject, which we hope you find helpful. If you have any news or insights, please send them to the team.
Above all else, we want to wish everybody reading this well.
Digital acceleration shines a light on new challenges facing small businesses
The search for adequate SME funding and opportunities to minimise costs are at an all-time high.
Technology holds the key to solving the Covid loan repayment crisis
The adoption of new tech by governments can help SMEs access the cash needed to repay their Covid loans.
How COVID-19 has accelerated the use of digital banking solutions in Africa
The past year has seen a clear trend towards the adoption and acceleration of digital banking products.
Dear Luc: Should I prepare for a wearable payments comeback post-COVID?
This week our writer asks: are wearables set for a comeback as social distancing eases?
Lending: preparing for the unprecedented
How lenders can effectively manage commercial credit risk in an ever-changing world.
White paper: Cloud momentum is building in retail banking
Learn how cloud adoption is growing faster than anybody ever envisaged.
Debt collection tech gets a “personal” upgrade for COVID-19 and beyond
Building mutual trust and encouraging customers to become more financially responsible.
Returning to the office: what fintechs need to know
For those fintechs brave enough to move first, there are great opportunities available.
Video: Infosys Finacle on adapting to business model innovation
We talk about how traditional banking models have become disrupted, and how consumer demands need new experiences
Catch up in the cloud – regulatory reaction to COVID-19
What are the regulators doing to keep track with the acceleration of digital in banking?
New rules of the game in the AML field?
What is of great importance to meet the challenges of pandemic times is that AI can find anomalies.
Why banks need to embrace the new normal
The banking industry’s definition of normal hasn’t been normal for a majority of customers for years.
Accelerating asset management digitisation with cloud solutions
During this period of uncertainty, AMs have been forced to accelerate their digital transformation projects.
Three trends for insurers to watch in the post-COVID era
We can expect the insurance industry to take some major steps.
What the Fintech? | S.2 Episode 8 | Bank branches amid COVID-19
Leena Iyar, chief branding officer at Moxtra, joins us on this latest episode.
Lessons learned from launching in a pandemic
The speed at which we’ve learned to respond to the market and grow as a business is invaluable.
Financial services are internet-reliant, so how do you prevent downtime?
Digital experience monitoring provides a bridge so that financial institutions can embrace this new digital-first era.
COVID-19 & the future of data discovery, access and integration
Operating and innovating with data in a COVID-19 world is much more challenging.
How financial services leaders can create opportunities in a crisis
Retail banking is set to undergo up to three years of acceleration in digital banking preference just this year.
Digital payments: why they are here to stay
It is not just individuals who are adapting to the shift.
Understanding employee experience will give banks a leg up
It makes intuitive sense that happy employees lead to happy customers.
Supporting business leaders during COVID-19
Pressures have taken a toll on businesses and the mental health of their leaders.
Banking Tech Awards 2020 Winner: AFS – COVID-19 Response by Fintech
An innovative approach to urgently find solution to accommodate the US government’s Payroll Protection Program.
Banking Tech Awards 2020 Winner: UBS – Best Use of Cloud
How UBS’s innovative hub helped 60,000 work remotely with virtually no downtime during the pandemic.
Learning to safeguard vulnerable customers in a digital world
What’s needed is an industry-wide effort to stamp out poor practice and make services inclusive.
One size fits all
Whatever your reasons for tolerating bad behaviour, that defines you. More than anything else.
Three things banks must do to thrive in 2021
It is the banks who invest now and execute effectively, that will come out on top.
Boosting economic recovery by harnessing the power of payments
The other significant milestone the UK economy has to handle this year is life beyond Brexit.
Before obsessively pressing the send button: pause, rewind.
Webinar: How to stop massive mobile banking fraud with app security and risk-based authentication
Approaches to eliminate the impact of fraud threats and strategies to protect mobile device users.
This “new normal” looks pretty familiar to me
How about we choose a new normal, the one that fixes the fundamental ways of working, not just the tool we use.
How to optimise your digital account opening process
If banks want to start 2021 on the right foot, they can start with these five steps.
2021 fintech predictions
Staring into the crystal ball for signs of what we could see over the course of the year from the industry.
What’s in store for financial services in 2021?
A look at what the rest of this year might have in store for the world of financial services and fintech.
Working amid COVID-19: why the cloud is the silver lining
How COVID-19 has accelerated the transition to the cloud.
Ten trends set to influence the payments industry
The financial services and payments sectors have a bright future, should these trends continue to develop.
Three new security strategies for financial services
Continuous compliance remains a challenge because many organisations lack contextual data.
Technology lies at the heart of the ethical banking revolution
We have a collective opportunity to lift our communities out of this dire situation.
Fostering a growth mindset is key to getting through challenging times
Mastering an ability to deal with tough times will strike a path towards growth.
2021 predictions: don’t overlook the phone call
Due to the explosion in illegal robocalls, many consumers have simply stopped answering the phone.
Digitisation answers the quest for risk mitigation in global trade
These concerns have been heightened by a series of fraud allegations relating to commodity transactions.
QR Codes: will COVID-19 be the great global equaliser?
Across China QR codes are already ubiquitous, and the pandemic only accelerated user adoption.
Fintech digital transformation challenges during COVID-19
How to get ahead in realising revenues and returning profits to shareholders.
The time is now to update your finance operations
Modernising the finance department should be a priority.
Banking for good
As the new kids on the fintech block start to mature, I do hope they support the broader community.
VMware exec: AI’s two Achilles’ heels keep me up at night
69% of enterprise executives think AI is “essential” for responding to cyber threats.
How the pandemic reshaped an international project launch
Lessons in adaptability – how to manage a project in an innovation lab amid COVID-19.
Navigating the new normal – how to redefine KYB and enhance the SME experience
The "one size fits all" approach to compliant onboarding is simply no longer relevant.
White paper: How insurers can build better relationships with their customers
Researching behavioural trends amongst insurance prospects and clients, especially throughout the pandemic.
On-demand payment innovation at the heart of digital “new normal”
The COVID-19 pandemic has delivered industry changes in rapid time.
Rebooting savings during the COVID-19 crisis
How then should we think about structuring our savings plan for success?
Why COVID-19 could spur the next phase of bank branch evolution
This shift in the function of bank branches has been underway for decades.
TradingView makes UK switch as COVID-19 boosts global users
TradingView has landed six funding rounds totalling $40.8 million.
Stability of financial institutions during and beyond COVID-19
How should banks provide consumers with what they need and can afford?
TransferWise waives fees on $20m in donations to COVID-19 research
All donations will be exchanged via Google and Reuter’s mid-market rate.
Restrictive covenants during COVID-19: are they enforceable?
Can you enforce such clauses in a post-pandemic world – and should you?
Game over, insert coin
We are trying to pay lip service to wholesale dramatic change but get away with cosmetic modifications.
COVID-19: Hard road ahead for insurtech companies
The global head of Willis Towers Watson Reinsurance Tech anticipates a rocky road ahead for insurtech.
Future economic relief should care for more families
Deserving families have continued to be unfairly excluded from government relief throughout the COVID-19 crisis.
Why the focus on risk weighted asset optimisation is increasing
Many banks have started formulating an action plan and framework to drive this initiative within their organisation.
Sibos 2020: BNP Paribas chairman says COVID-19 “not a banking crisis”
The work of banks, regulators and governments has kept things calm, says Jean Lemierre.
The value of 20/20 hindsight
Anders la Cour, co-founder and CEO of Banking Circle, examines the lessons of 2020.
How COVID-19 is altering the payments landscape for merchants
The pressure on merchants is immense to serve each individual consumer in the best possible way.
Principles are the sort of substance that doesn't bend under pressure.
FinovateFall 2020: COVID-19 a chance to build, not just react
“Companies need to leverage this inflection point correctly."
FinovateFall 2020: a return to the fundamentals
Greg Palmer, VP at Finovate, analyses what the "new normal" looks like for the finserv industry.
FinovateFall 2020: Dealing with a new digital normal
FinTech Futures speaks to Tracy Schlabach, Accusoft senior manager for product and customer marketing.
FIS claims early cloud investment prevented COVID-19 disruption
A number of US banks suffered downtime in April due to COVID-19 stimulus cheques.
What the Fintech? Episode 13 | Commerce in the wake of COVID-19
Travis Skelly tells FinTech Futures all about how Citi Ventures evaluates ecommerce companies.
Impact of COVID-19 on M&A activity in the fintech space
The market is pricing a more positive outlook for banks globally.
Everyone will have a part to play, but the risk teams will set the tone for what comes next.
How banks can balance UX and security amid a pandemic
How face-based biometrics and AI can deliver smooth digital onboarding and stamp out fraud.
How government and businesses can protect minors online in a post-pandemic world
Any organisation that profits from selling age-restricted products and services should be held accountable.
How online identity verification can help telcos in the aftermath of COVID-19
Online ID verification enables telcos to securely & confidently onboard more users without a visit to a retail store.
YOU are the first line of your own defense for fraud prevention
Be vigilant online! You are your first line of defense against fraud.
Creating a truly cashless society
Why we need open banking to get payments networks up to scratch.
What every employer needs to know about employees returning to the workplace
Advice on the measures employers should take when re-opening their workplace amid COVID-19.
Banks adapting to post-COVID-19 world overlook power of data
Banks can use data to stand out from the competition and fortify their position.
Streamlining manual processes amid COVID-19
Find out how to digitise manual documentation processes with Foxit Software.
Timing is everything: launching a bank amid COVID-19
"We never planned to launch a bank during a global pandemic," says the CEO of Monument.
Webinar: Empowering your SME customers for the new digital normal with APIs and microservices
Real-life examples from Tide and THIS of how APIs and microservices have fuelled business transformation.
Webinar: Streamlining manual processes amid COVID-19
Experts from Banco Santander, Foxit Software and Xendoo discuss digitising paperwork during the coronavirus crisis.
How automation can help insurers build resilience and rebound stronger from COVID-19
It’s a case of ramping up the automated underwriting footprint for the most simple, homogenous policies.
A search for calmer waters
Businesses across all industry sectors will face three stages over the coming months.
Banks must deploy AI with urgency to save SMEs
Projects that would normally take months need to be delivered in days.
COVID-19 analytics: the lesson for those involved in policy management
Modern data-enabled systems and processes are the key to staying competitive.
The stress of being stressed
This is the time to handle the pressure, not indulge in the stress.
Taking stock of China’s COVID-19 payments processes
If you think COVID-19 has largely been a boon to real-time payment in China, think again.
Five ways it pays to go beyond ID-only verification
Identity verification serves many benefits to organisations seeking to build trust in their online channels.
Why remote onboarding is going to make or break banks
A number of onboarding steps can be automated, streamlined and simplified to deliver a better customer experience.
How to prevent your cloud finances from sinking you during economic turbulence
Practical steps to establish and maintain a successful cloud financial management (CFM) strategy.
What the Fintech? Episode 8 | Payments: were systems in Europe ready for COVID-19?
Tune in to find out an eyebrow raising banished buzzword in another rendition of ‘Fintech Jail’!
Managing fintech security remotely: overcoming challenges with WFH setups
Let’s take a look at what IT staff can do during this time of crisis.
Liquidity risk COVID-19: big vs small data
Banks must be prepared to perform deep due diligence on their credit lines and loan books.
COVID-19: will fintechs crash, survive or get bought?
What can fintech firms do to ride out the storm?
Banking on the cloud in the face of COVID-19 and beyond
How is it already aiding savvy banks and their fintech counterparts?
Partnering is a solution to the regulatory “new normal”
FinTech Futures speaks to James Buckley, vice-president and Europe director for Infosys Finacle.
What does survival of the fittest mean for fintechs in a post-COVID-19 world?
COVID-19 has already led to a shift in mindset for many businesses.
What the Fintech? Episode 7 | Open banking & savings
Co-founder & CEO of Plum offers his insights on how COVID-19 affects savings.
Banks, cybersecurity and virology
I would actually like to see governments take a more holistic look at how they’re fighting COVID-19.
Webinar: How financial services firms are preparing for the new normal
The COVID-19 pandemic has forced a sudden shift from physical to digital.
Major banks assess COVID-19 working from home policies
A list of how some major banks are responding to COVID-19 remote working policies.
Banking software solutions for home working
Co-browsing and client portal technology is making it easier for bank advisers to work from anywhere.
Emerging services and solutions amid the COVID-19 chaos
Financial services are expected to play a pivotal role in helping the global community emerge from this crisis.
Will COVID-19 drive mortgage transformation up a gear?
The market needs to step up its efforts to better engage borrowers on their mortgage options.
Digitalisation a must-have for lending in a post-COVID world
The coronavirus pandemic has affected and disrupted every aspect of financial services.
Webinar: Digitising the commercial lending process in times of crisis
How to support business clients now, when they need it the most, with an expedited digital lending process.
Partnerships to drive industry forward in post-COVID world
The coronavirus pandemic has caused immediate changes to the financial services industry.
Pandemic forces corporations to balance technology investments on risk and agility
125,000+ staff working remotely, 3m chat messages, 780,000 video & internet calls a day - how did Santander do it?
Why alternative lending will be essential to save UK SMEs
This makes it the ideal tool to help SMEs through COVID-19.
A bumpy road for alternative lenders
Coronavirus crisis opportunities for alternative lenders come with big risks.
Help! Historical data does not help with modelling the COVID-19 world
In light of how quickly the world has changed, CIOs and CTOs need to ponder hard questions.
Situation: not normal
Choose to act towards the next chapter. Choose to live each day of "not normal" as if more than survival is at stake.
Three ways to optimise the finance function during COVID-19
It's important to find areas of your business that can create positive returns.
Defending against COVID-19: the unforeseen risks
Leaders and managers may find themselves in a response management mode that is unfamiliar.
Tech for good
Highlighting how tech companies have come to the rescue during the COVID-19 crisis.
Why the virus that stopped the world, opens a door for tech start-ups
During these difficult times the survival of many companies will depend on their ability to adjust to a new reality.
Will America’s second round of PPP avoid mistakes of the first?
Roughly 80% of PPP applicants are still waiting on loans, says NFIB.
Looking beyond the coronavirus trading boom
Some trading apps see their future in the saving market.
What the Fintech? Episode 3 | Digital disruption: Bitcoin and stable coins
Tune in to hear what Gemini's MD for Europe, Julian Sawyer, thinks about digital currencies.
Trump’s COVID-19 stimulus plan needs to swap checks for digital dollars
The potential for a CBDC to make such disbursements more efficient and effective is multi-faceted.
Transformation in a post apocalyptic world
How do we ensure we are in a better place to serve, deliver, survive in the next Black Swan event?
Making remote working work
This is critical to the continued success of your business in these unprecedented times.
What would a coronavirus start-up aid package mean for UK fintech?
Coronavirus could "wipe out a generation of start-ups", says one fintech founder.
What the Fintech? Episode 2 | COVID-19: Is cash still king?
Find out Nick Kerigan's take on the impact of COVID-19 and his banned buzzword.
The return of humanity in the digital era
He highlights the positive impact of the current situation and how our past was not necessarily better.
Coronavirus exposes gaps in innovation
The pandemic has given fintechs a time to shine.
Will fintech CEOs follow in the footsteps of Dan Price post-coronavirus?
Monzo and Moven's CEOs have both taken a 100% pay cut.
COVID-19: a call for digital transformation
This will not be a short-term event so businesses must prepare for the long haul.
Life in the time of COVID-19: learning to share
"Humans. So many good ideas. So many failed ideals."
Love in the time of COVID-19
Amazing teams have teams that care. That's how leadership works. It's a team sport.
Gradually – then suddenly: parenting during coronavirus
Until we get beyond, hunker down and carry on. Pass me that glass of wine please.
A look under the hood of ABN Amro’s internal Covid-19 operations
The bank admits there were some VPN teething issues.
Keeping traders trading from home
Traders have found themselves operating in a new world.
Credit scores and the willingness to repay in the age of Covid-19
Psychometric credit solutions will likely become increasingly valuable for loan decisioning.
Ask the expert: how can I create a winning investment strategy?
Now could actually be a good time to for fintechs to accelerate their investment efforts. Let me explain why and how.
Ask the expert: what can I do to ensure my fintech is protected during these challenging times?
As a growing a fintech, you’ve worked hard to get to where you are. You mustn’t let momentum slow.
Budget 2020: What’s the fintech impact?
FinTech Futures picks out the fintech tidbits in this week's announcement.
The impact of COVID-19 on the Chinese market
The effects of the coronavirus on the local fintech market isn't all negative.
FinTech Futures update: business as usual
Our team is here to help the market navigate today's challenging business landscape.
What the Fintech? | S.2 Episode 7 | Class is in session
Tania Ziegler, senior research associate at Cambridge, joins us on this latest episode.
Stripe valuation rises to $115bn according to investors
The $115 billion figure is more than threefold its $36 billion valuation.
Manchester Credit Union signs payments deal with ClearBank
ClearBank and incuto give credit union access to Faster Payments.
US Faster Payments Council report shows state of US payments
It provides a true illustration and understanding of how funds move on the networks.
Video: Remote onboarding – how banks are evolving and changing the game
Featuring Jumio’s Dean Nicolls, Fintrail’s Robert Evans, and banking consultant Neil O’Brien.
Innovation in Retail Banking Report 2020
Responses from 750+ senior bankers the world over with a focus on adapting to changes brought on by COVID-19.
Lloyds plans 1,040 job cuts to back office support staff
The figure brings Lloyds’s total cuts to 1,900 this year.
FCA survey shows 12 million UK adults struggling with debt payments
“Our surveys have shown that younger and BAME consumers have been impacted more than others.”
Nigerian fintech Lidya lends $3m to SMEs in Eastern Europe
The fintech start-up expanded into the region during the beginning of the COVID-19 lockdown.