Fintech trends in 2021: hypergrowth is the new normal
If last year was about survival, 2021 is about convenience, inclusion and sustainability fuelling the further adoption of financial technologies, both in the coming year and beyond.
While COVID drove adoption of contactless technology, desire for convenience will carry it further. This increase in adoption, driven by the need for contactless payment solutions, will continue in 2021 as more and more consumers are exposed to the convenience they enjoy when using these solutions.
Stripe says that in the wake of COVID and the rise of people shopping considerably more across the web and apps rather than in person, some 14% of commerce happens online, a big shift considering that just a year ago it was about 10% (April 2021 data).
In fact, Chris Skinner reports that: “The impact on the digitalisation of financial services has been dramatic. In the UK, six million adults (or 12% of the population) downloaded an online banking app for the first time during the initial lockdown, 90% of face-to-face transactions made in April were contactless, and in July 2020 there were 1.5 billion debit card transactions (20.8% more than in June 2020).”
Younger banking clients expect their banking products and advisors to help them reach their financial goals. That’s in addition to financial products that are simple, intuitive, personalised, interactive, and proactively help them achieve their goals.
The era of the connected customer has arrived. Customers have become accustomed to omnichannel experiences, with the ease of ‘one click’. According to Mary Agbesanwa of PwC “People are open more to innovation and new ideas across the industry.”
With that being said, fintech companies cannot afford to be average anymore. Thousands of new players are entering the market driven by a growing realisation that big finance is ready for a tech makeover. They understand how the world has changed and are more than ready to step in where others fear to tread.
“Our goal at Bitpanda is to break down barriers to trading and help people around the world feel empowered and informed when it comes to investing,” said Niels Drukarczyk, Head of Controlling at Bitpanda.
The era of the connected customer has arrived. Customers have become accustomed to omnichannel experiences.
For further information, including the characteristics of a hypergrowth organisation and how to effectively manage one, download our full whitepaper.
In our next blog, we’ll be exploring the characteristics of a hypergrowth organisation, so keep an eye on our social channels where we’ll be publishing details.