Pandemic-driven shift to digital service helps upstart fintech firms
Mainstream companies have been forced to reinvent themselves to adapt
Innovation has always propelled the financial services sector forward. Previously, incumbents were at the forefront of innovation in the sector and new entrants played a peripheral role. However, the Covid-19 pandemic has driven significant shifts towards digital adoption, catapulting upstart fintech firms into the mainstream.
Incumbents have been forced to reinvent themselves to adapt, remain relevant and gain the ability to rapidly deploy digitised services to their customers.