FF Virtual Arena: How can fintechs help people save their finances?
The COVID-19 pandemic and the current cost of living crisis have proven that the next few years will be congested with economic turbulence. With high interest rates and skyrocketing energy bills, people will be more financially vulnerable than ever. The question stands: How can fintechs help people save their finances in times of strife?
In this Virtual Area, we welcome Jinesh Vohra, the CEO and Co-Founder of mortgage-lending fintech, Sprive, and Richard Logan, the Solutions Director at European payments provider, PPS, to discuss the positive outcomes that have stemmed from the last couple of years and how fintechs have used this period to provide better access to financial services for underserved demographics.
“People do not want to think of the payment,” said Logan. “We saw the fastest growth of adoption of digital payments in jurisdictions with the most stringent lockdown measures. Talking of those people who may have been less able to access these services, we saw in a lot of fintech verticals the proportion of low-income households, and women, and people who hadn’t been served as well by digital means in the past.”
Keeping people in isolation and away from physical banking and payment services led to the need for advanced digital alternatives, from mobile banking to embedded finance – customer demand has shifted toward digital solutions because of necessity.
“Traditional players have to adapt because if you look at the generation that is coming through and leaving school, they’re much more tech-savvy, and they want things quick and fast, ” said Vohra.
Every cloud has a silver lining, and in this current climate fintechs like Sprive and PPS are responding to the needs of the people with their unique expertise in technology and financial management. If we are to power through this recession, it will be through the joint effort of the industry to keep financial services alive
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