Just a few short months ago, investors and industry analysts alike were more than ready to announce the end of the fintech era. With even major companies like PayPal and Klarna feeling the pinch of tightened regulations and a looming market downturn, it looked as if the sector that once generated the hottest names in finance was on its way out.
According to author and Forbes Business Council contributor Liana Zavo, however, fintech is just getting started. In fact, as the world saw with the industry’s rapid response to the demands of the COVID-19 pandemic, fintech is more essential than ever to our modern way of living and doing business.
“As paper-based payments and manual transactions transition to paperless and automated processes, technology has the upper hand in solving numerous problems with speed, accuracy, security, and convenience,” Zavo wrote in a recent article. “This progress and success amid the pandemic crisis make it clear that fintech's influence won't stop anytime soon.”
Beyond the inherent agility of digital-first business enabled by fintech, Zavo pointed out that the retail e-commerce market has flourished over the last two years, growing globally by more than 35%. Companies specializing in cybersecurity services have seen a commensurate growth in demand, with over $21 billion invested in digital security last year.
