By Michael Jenkins on The Capital
COVID-19 is impacting the world economy of which the financial services sector plays an outsized role, especially in the UK. The lockdown means consumers aren’t spending which means businesses are suffering.
The shift to digital has been a slow process for the financial sector due to the heavy burden of regulation but the current pandemic is accelerating this shift which over the longer term, should have huge positive impacts.
Augmentum produced an interesting look at fintech sectors post-COVID for additional reading.
Fintech startups have the ability to help both directly with consumers but also to partner with banks and other financial institutions to support their response and improve their shift to digital.
The below list of fintechs who are helping consumers and banks is just a starting point, feel free to add to it in the comments below.
Government Loan Verification (CBILS)
SME Data and integration
Debt solutions adviser
Identity Verification
Digital Customer Experience
Digital Mortgage Products
Digital Cloud Banking infrastructure
Personalised Offers for bank customers
Loan with quick decisions
Automation of loan document processing
Self-employed eligibility
- COVID Credit (Created by Credit Kudos, Fronted, 11:FS, Coconut, Capital on Tap, Mazuma, SeedLegals and TrueLayer)
https://twitter.com/thecapital_io
https://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/href
UK Fintech’s responding to COVID-19 was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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