1 in 10 FinTechs are focussed on 'survival' amid COVID disruption

One in ten FinTech firms have said 'simply survival' is their key business goal for the next year, as the industry continues to the reel from the impact of the Coronavirus crisis.

Research from FinTech Connect, the UK trade show among 144 FinTech professionals also showed that 40 per cent of firms had “accelerated” their digital transformation model in response to COVID-19.

In addition, 36 per cent said they had launched new services “addressing new demand”, while 34 per cent said their growth had accelerated as a result of the pandemic, providing a silver lining for some firms able to meet changing customer expectations.

Another 65 per cent said remote working had “driven innovation” within their organisations.

Despite the uncertainty caused by Brexit, FinTechs remain “confident” in their ability to manage the fall-out, the study found.

The research also found that 40 per cent believe London will remain the European capital of FinTech after Brexit, although 30 per cent admit they “haven’t made significant headway” in preparing for it.

Laurence Coldicott, content director at FinTech Connect, said: “Whether we look forwards or backwards, COVID-19 is defining a new status-quo for the industry. From regulation to innovation to funding and culture, it is impossible to step out of the shadow cast by the pandemic

“In response, FinTechs are prioritising digital transformation to meet customers where they are, and improving operational processes to ensure they are as efficient as possible,” said Coldicott.

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