Silicon Canals
TRENDING
  • Mobility
  • AI
  • FinTech
  • Software & SaaS
No Result
View All Result
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • Coin Canals
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Features
    • How-to
    • Knowledge & Insights
    • Guest Contributions
  • Partners
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Scaling-up in Europe
    • Blue Tulip Awards
    • Partner with us
    • Promoted content
  • Jobs
  • About us
    • Partner with us
    • About
    • Team
    • Newsletter
  • Contact
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • Coin Canals
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Features
    • How-to
    • Knowledge & Insights
    • Guest Contributions
  • Partners
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Scaling-up in Europe
    • Blue Tulip Awards
    • Partner with us
    • Promoted content
  • Jobs
  • About us
    • Partner with us
    • About
    • Team
    • Newsletter
  • Contact
No Result
View All Result
Silicon Canals
No Result
View All Result

3 ways COVID-19 is revolutionising fintech in Europe

Guest Contributor by Guest Contributor
August 11, 2020
in COVID-19, FinTech, Guest Contributions, guestblog, Knowledge & Insights, Startups
3 ways COVID-19 is revolutionising fintech in Europe
64
SHARES
LinkedInTwitterWhatsAppFacebook

The coronavirus outbreak has brought major changes to the way we work, where we shop, and how we choose to spend our free time. Disruption to society as a result of important safety measures and government regulations has upturned life as we know it.

When it comes to the financial sector, the adoption of digitalisation has become more essential than ever. Traditional financial institutions that rely heavily on face-to-face interaction have borne the burden of this pandemic with remote working becoming mandatory and only essential trips being permitted. Because face to face interactions have been slowed or even prohibited, the financial world has had to rely on end-to-end digital alternatives to stay competitive. 

- Partner content -
EIT Digital
EIT Digital Challenge 2022 is here!
Calling all European deep-tech scaleups for EIT Digital Challenge 2022Show More
Calling all European deep-tech scaleups for EIT Digital Challenge 2022 Show Less
Read more

For all the disruption and uncertainty that coronavirus has brought to the economy, it has also accelerated the future of finance. In this article, I will explore how COVID19 has pushed open banking adoption and changed financial services in more ways than anyone could have expected.

Image credits: fizkes/Shutterstock

A cashless future – now we see it

A study by the National Institute of Health found that the coronavirus can live on some surfaces for as long as three days; the thought of exchanging germs on Euro notes and UK Pennies was enough to put most people off hand-to-hand exchanges of physical money. As well with most European countries buckling down on regulations, and only allowing essential trips, many turned to online orders as a safe and efficient alternative; whether for groceries, pharmaceutical supplies or the purchase of a new bicycle, lockdown saw little to no exception to services that could not find a way of operating online and without the need for physical cash.

That said, there it is no surprise that across Europe, the shift to card payments has increased — even Germany, known for its love of cash, is on board with the revolution. A recent survey, taken by the German Payment System Initiative, revealed 57% of Germans use debit and credit cards now more than they did before the pandemic, and almost half have “significantly reduced” their use of cash

Older generations, who have traditionally rushed to cash-in-hand during the times of crisis, have also been found to be comfortable with cashless payments, with 66% of 55+ year-olds becoming more comfortable with cashless payments since the lockdown, according to Hitachi Capital (UK) PLC1. 

Image credits:Wright Studio/Shutterstock

Open banking will be front and centre stage 

As well as moving away from cash, COVID-19 is likely to spur a widespread and systematic revamping of high-impact digital journeys in the financial sector. Paperwork will continue to fall away as open banking replaces much of the admin that previously dominated the industry. It’s been just over two years since the term Open Banking became a tangible reality in the UK; now without hand-to-hand transactions, COVID-19 has accelerated the phenomena, which is necessary to easily provide third-party financial service providers open access to consumer banking, transactions, and other data from financial institutions.

When it comes to accounting, in particular, more efficient processes and easier methods of making and tracking transactions, technology, and Open Banking will ultimately free up a whole lot of their time. By clearing up the calendar, the phenomena will make room for new kinds of work and enable accountants to spend more time on consultancy and value-added services, where previously there may have been perceived as a bonus service or from the client-side, a service at a much larger additional cost.

As well as consultancy, these technologies will have other, less direct impacts on the client-side – instead of needing a shoe box full of receipts, Open Banking and AI will reduce the need for paperwork and lead to more confident and self-managed clients. If a client is keeping accurate books themselves, then the accountant no longer has to do all the numerical admin, rather the value adds lies in analysing the numbers and providing useful advice such as “Is it time to put your prices up, as your profits are lower this year.”

Image credits: fizkes/Shutterstock

A remote workforce, and the right tools to run it 

COVID-19 has seen remote working becomes the new normal for many employees as businesses look to continue operating during the global pandemic. Findings from a poll run across the Verdict Network indicate that 46% of respondents would look for a mix of remote and office-based working once lockdown measures are eased, while 27% would work remotely full-time if given the choice. 

Now, more than ever, people are away from the traditional office space and utilising technology to keep business running as usual. For accountants and others in the finance industry, this means the need for Open Banking and accessible financial files is no longer an added benefit, but an absolute essential.

Ultimately, AI and Open Banking are opening the gateway to a more efficient and effective financial sector. With the drive to become an increasingly cashless society, COVID19 has put the spotlight on digitalisation, encompassing the reality that businesses have to keep up by providing the best technological solutions and services if they are to keep their heads above water in a time of turmoil. Adaptable, digital solutions for the financial industry is thankfully at our fingertips, and players in the industry must remain vigilant and flexible if they are to succeed as we move through the pandemic and beyond.

Main image credits: PAPALAH/ Shutterstock

Guest post by Ed Molyneux, CEO and co-founder of cloud accounting software company, FreeAgent

 - Partner content -
How cybersecurity scaleup Intigriti conquered the world?
How cybersecurity scaleup Intigriti conquered the world?
Catch our interview with Paul Down, Head of Sales at Intigriti.
Catch our interview with Paul Down, Head of Sales at Intigriti. Show Less
Read more
Tags: EuropefeaturedFinTechGuestpost
Share4Tweet14SendShare32

Partner content | Work with us

Tokenisation is the future of the financial services industry, and Luxembourg’s Tokeny is at the helm of this change

Copilot for growers: Source.ag’s Rien Kamman explains how it helps growers increase their fresh produce with AI

Waste problem is complex, but Seenons has a solution: CEO and co-founder Joost Kamermans explains the plan

Want to scale your business in Germany and Europe? Here’s how the Scaleup Landing Pad Hamburg can help

Is your deep tech scaleup aiming high? The EIT Digital Challenge 2022 can get you there

Silicon Canals | Jobs


Breaking news from Amsterdam | Partner

Amsterdam-based CarbonCancel, a company that helped offset carbon footprint, shuts shop: Know more

Accenture acquires Amsterdam-based Sentia’s business in three countries: Know more

Amsterdam’s Flow Traders announces dedicated corporate VC unit with €50M initial commitment

Amsterdam’s Just Eat Takeaway pilots grocery delivery service through its own dark store in Berlin

Advertisement

  • About Silicon Canals
  • Partner with Silicon Canals
  • Contact us
  • Newsletter
  • Disclaimer
  • Privacy Policy
  • Cookie Policy (UK)
  • Cookie Policy (EU)
  • Terms & Conditions Silicon Canals

Silicon Canals 2014-2022 | Website: Bright Idiots

No Result
View All Result
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • Coin Canals
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Features
    • How-to
    • Knowledge & Insights
    • Guest Contributions
  • Partners
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Scaling-up in Europe
    • Blue Tulip Awards
    • Partner with us
    • Promoted content
  • Jobs
  • About us
    • Partner with us
    • About
    • Team
    • Newsletter
  • Contact

Silicon Canals 2014-2022 | Website: Bright Idiots

Stay updated with the Silicon Canals daily and weekly newsletters.
We promise we won't spam you. You can choose to unsubscribe anytime.
Stay updated with the Silicon Canals daily and weekly newsletters.
We promise we won't spam you. You can choose to unsubscribe anytime.
Silicon Canals
Manage your privacy

To provide the best experiences, we and our partners use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.

Click below to consent to the above or make granular choices. Your choices will be applied to this site only. You can change your settings at any time, including withdrawing your consent, by using the toggles on the Cookie Policy, or by clicking on the manage consent button at the bottom of the screen.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Statistics

Marketing

Features
Always active

Always active
Manage options Manage services Manage vendors Read more about these purposes
Manage options
{title} {title} {title}
X
X