Fintech Sector Report April 2020 – THE UK FINTECH REVOLUTION 2020
Now with the most at risk to Covid19 also being the ones who traditionally were the most reliant on counter services, the societal challenge will be to help the elderly use banking services online, where their motivation will be they just don’t have a choice. Arguably though, assuming they make this switch, it could mean the end of retail banking as we know it. As that happens, increasingly there will be little to separate Banking and Fintech.
In terms of businesses best placed to ride out this crisis, those involved in lending are likely to do well, especially if the Government organises a bail out package. As normal restrictions on lending are waived to enable normally viable companies to ride out the crisis, AI will also have a key part to play, as the number of businesses needing support simultaneously will be far greater than the capacity of any underwriting team. Therefore expect businesses with an AI backed solution for determining lending to be at the forefront.
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