COVID-19: FinTech Providers to Offer Discounted Services to Financial Institutions

In the current climate of financial uncertainty for businesses and individuals, requests for further funding from financial institutions will undoubtedly continue to increase.

In order to facilitate the exponential growth of lending, many FinTech companies are proposing to offer various arrangements to financial institutions. This includes free services for a limited period, special discounts or accelerated services.

The push towards digital banking has never been stronger and it is likely that banks will look to the FinTech industry for the necessary innovation. This includes facilities such as advanced analytics, advanced data and digital payment methods.

The World Health Organisation has issued a statement that, where possible, payments should now be made by contactless to prevent the spread of Covid-19. Digital innovation is constantly offering opportunities in the financial sector and this is just an example of how such innovation has become a part of everyday life.

For more information please click here to check Forbes’ regularly updated list of FinTech providers who are offering such facilities.

This insight has been produced for general information purposes and further advice should be sought from a professional advisor. Please contact our Banking & Finance team at Cleaver Fulton Rankin for further advice or information.