Although most of us are complaining that the national wifi is groaning under the strain of millions more working from home, imagine how much worse this lockdown would be without the tech to communicate.
Just pause and think about it for a moment. We were already glued to our phones, but now we depend on them more than ever to keep in touch with friends and family. The internet and our home computers allow us to work remotely. Smart TVs help keep us entertained and up to date on the world outside. Health and fitness trackers feed data into the impact of our one-hour workouts so we can track our progress. Tech is saving us all.
Fintech is a big part of it too. Increased online shopping (and let us all clap our hands for the couriers and posties) especially for groceries, means a rise in online payments. In fact, some sources say that FinTech has experienced an upsurge of 72% in usage during the pandemic. Even on the high street, contactless has become the payment of preference with the upper limit now raised to £45 so that people can avoid using cash and keep the virus at bay.
Turns out the world owes a lot to all those unsung female tech heroines who – back in the day – invented and developed computer science.
Why fintech is the future
While pundits debate what sort of world we’ll be living in when this is all over, there’s one thing we know for certain: fintech will be playing a bigger role than ever.
It’s true that some of the fintechs – like many other businesses – are having a bumpy ride, but when you look at the way our behaviour’s changing you can see how the industry is going to bounce back.
Let’s look at some of the evidence.
Banks were already closing their branches, even though branch banking was still popular with some customers. With less footfall on the high street, those customers are either obliged, or more inclined, to choose online banking and mobile apps. Now that they’ve switched, many of them will stick with digital options for convenience.
In the same way, where some consumers might have been more wary or even not have trusted technology in the past, they will be more likely to embrace it after this crisis. They will be more open to open banking, for example.
Companies too have had to adopt fintech to get themselves through this. Some insurance companies are turning to block chain to verify medical data and, because banks are having to move more quickly to offer digital services, they need fintech consultants to help them upgrade.
Governments are supporting fintechs. The Australian senate has reopened its committee on FinTech and RegTech to support the industry and find new solutions that can be delivered by the government and private sector.
The China Banking and Insurance Regulatory Commission (CBIRC) is asking the country’s financial services sector to reinforce internal fintech capacity and invest in research and development. While in South Korea, new laws have been passed to regulate and legalise cryptocurrencies.
So if fintech is the future, what can you do to update your skills, networks and know-how so that you’re ready for when this crisis is over?
Develop your skills and knowledge
First, take a look online and you’ll find some excellent, even free, courses from world renowned universities like the Open University (OU) and Harvard.
The OU’s free courses include several on data analysis and interpretation, including Simple coding, which will teach you the basics of Python, and a course on Learn to code for analysis. You will be awarded a ‘certificate of completion’ for these when you finish. Harvard also runs several free online courses in programming, data science and computer science.
If your budget allows, both offer paid courses as well, but there’s plenty to keep you busy if you’d rather not splash out at this point.
On the banking side, things are moving quickly. You’d be wise not just to keep up to date with the news but to follow comment and analysis too. You might consider listening to podcasts of discussions with experts and thought-leaders, or extending your understanding of the sector through reading.
And while many events can’t run anymore, some of the best are going online and providing great opportunities to network and learn. Innovate Finance, for example, had to cancel their conference for UK Fintech Week (20-24 April) but they’re marking the week with a digital programme. And the Financial Alliance for Women are opening sessions in their Ask the Expert series to non-members for the first time.
At any stage of your career, it’s important to network, learn and develop your skills if you want to stay ahead of the curve. At this strange moment in history, it’s just as possible to do all of that as it was before the lockdown – and all because of tech.
About the author
Helene Panzarino is an Associate Director at LIBF’s Centre for Digital Banking and Finance. A former banker turned entrepreneur, educator and investment readiness adviser in fintech, she’s helped over 15,000 small to medium enterprises access funding options. She’s listed as a Senior Leader on the Women in Fintech Powerlist 2019.
