How COVID-19 Changed Fintech Forever

a woman paying for her items at a bakery

The pandemic created change for nearly all industries, but for Fintech, it established new standards for businesses around the world. Here are a few advances in the Fintech industry, accelerated by the pandemic.

Industry Innovation

It’s true that more and more companies are offering fully remote positions for their employees. However, COVID-19 has done far more for the world of business than we think. Businesses were forced to go virtual in almost every aspect of their operations, which seemed to cause inconveniences. 

The digitization of the supply chain and the customer experience has developed so much through the years of the pandemic that it is now more convenient than ever. Businesses are realizing how cost-effective remote operations can be and are investing in technology that will change industries forever.

Going Contactless

From a Fintech perspective, merchants had to address contactless transactions to meet the health safety needs of consumers. Contactless payments, mobile payments, and virtual terminals have taken over many stores, and consumers are getting used to them. 

Not only are consumers familiar with these payment methods, but they are starting to prefer them over traditional methods. With a quick tap of a card or mobile device, customers can have a seamless payment experience at their local stores. 

Another E-Commerce Boom

E-commerce increased 55% during COVID-19 and continues to see growth in 2023. Making purchases from the comfort of your own home has been a game changer for consumers. Merchants are now offering easy online payment experiences, e-gift cards, and compatible loyalty programs to complement at-home purchases.

Not to mention that online transactions are becoming more secure than ever to keep cardholder information safe.

Better Banking

Banking has also been shifting to a fully virtual experience with the use of mobile applications. Customers can easily access their accounts, deposit checks, and have access to customer service right from their phones. These digital ecosystems have huge potential to lead the future of banking and enhance the customer experience.

For large enterprises to keep up with modern, innovative Fintech startups, they will need to engineer more advanced technologies to retain customers and stay afloat. This has opened up job opportunities for software engineers, IT support professionals, and other tech-savvy positions to assist in the transition to a digital space. The pandemic has just sparked a new world of innovation, and it is a race to create the next groundbreaking technology.

How Celero Can Help

At Celero, we have the newest financial technology to keep your business up-to-speed in this fast-changing industry. From fully integrated payment gateways to complete POS systems, we can customize our solutions to fit the needs of your customers. For more information about our products and services, or for questions about how we can help, contact our team today.