COVID-19-related lockdowns and social distancing measures across the country have changed the way people are managing their money, turning to technology now more than ever.
It’s a trend that has the potential to hold firm into the future, and one that presents an awful lot of possibilities for those investing in new technologies and fintech firms offering digitalised financial services.
Not only have new, previously unheard-of digital finance services risen to prominence, but those that have been on the market for years have also noticed significant growth.
PayPal, the online payment service allowing you to pay for items without disclosing your financial details, experienced a surge in new accounts that has them projecting to more than double the number of new users they gained last year.
People are making progressive choices – ones that arm them with the right tools to be able to manage their financial affairs without needing to queue up at their nearest bank.
That being said, the biggest hurdle – particularly among the most burgeoning growth group, over 50s – remains cybersecurity and the privacy of one’s data.
When considering the merits of fintech, as with any new service, ensuring it is right for you and will not put you or your data at risk is the highest priority.