Further Development of Fintech as Mobile Finance Usage Increased in 2020
2020 was a very tough year for numerous industries around the world. As the virus spread around the world, most of the industries were closed down, reporting massive drops in profits and earnings.
However, there were also some fields that have registered huge growth over the years. One of the industries that saw a huge increase was Fintech, which had the opportunity to grow and develop a lot.
For mobile financial applications, 2020 created incredible growth in many different ways. For the most part, Fintech applications were already becoming very popular prior to the Covid-19 pandemic. The ease to use and the user-oriented nature of the Fintech apps made them very popular.
As the pandemic spread and people started using mobile Fintech applications more, the market experienced another boost. Most of the world transferred to habits that could be adaptable to the lockdowns around the world, as a result, many started using Fintech apps to purchase goods, order food, or even invest in numerous markets.
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The main reason for this was the fact that the majority of the world population was stuck home. With nowhere to go, many started investing in the financial markets. This could be one of the main reasons for the increasing clientele of many brokers and as the EagleFX broker review indicates, there still is room for further growth. As the Fintech industry continues to develop and grow, it is creating a lot of opportunities for traders and for regular individuals globally.
According to several studies, investment apps have experienced a massive boom throughout 2020. In fact, some of the figures indicate as much as 88% growth in sessions starting from January, which is a huge increase.
The same can be said about payment apps, which have undergone massive growth. The sessions for payment apps have increased as much as 49 percent globally. In Japan, the growth was 75 percent, while Germany registered 49 percent growth.
More people use financial apps
One of the companies focusing on numerous mobile industries, Mobile Marketer, has recently published a study indicating that the number of people using mobile apps has increased significantly over the year. The report indicates that the financial services companies should continue increased adoption of the broader services within their apps to make them more efficient and useful for traders.
The report reads that the pandemic has led many companies, including brokerages, banks, and investment advisors to close their offices, which has led to many of the services moving into the online, virtual world.
In this situation, the role of Fintech and mobile applications was vital. Due to the situation, efficient apps have become more of a necessity rather than just an additional asset for a company. The report of the company also focused on the increased demand for investment apps over the year, saying that the activity increased as much as 88 percent in 2020.
However, a very important finding is that acquiring more easily is not the most important factor for the further development of the Fintech industry. What matters more is the adoption of the right users, who are going to stick around for a long period of time. In fact, for the majority of the Fintech companies, the loyalty of consumers has become one of the major metrics for already well-developed Fintech companies.
As more people decide to stay with companies they choose rather than running to other companies, not only does the company grow in terms of profits, but its credibility increases as well, which is a very important factor for the future development for individual companies, as well as the whole sector.
New opportunities for Fintech
The Covid-19 pandemic has created new opportunities for Fintech. Once, many viewed Fintech only as an industry that could help people simply pay for different services. However, as the coronavirus spread around the world, the importance of Fintech companies has further increased all around the world.
There have been a lot of opportunities created for Fintech companies during the Covid-19 pandemic, but although over a year and a half have already passed since the beginning of the pandemic, the Fintech industry is still working towards managing the uncertainty. Like many other parts of the economy and the financial world, many of the Fintech companies have gone into the response model.
A new field that the Fintech company has taken on is the insurance industry. Some of the new companies, which are called Insurtechs, are winning huge attention. The unique advantages that come with Fintech can be used in numerous ways. In the future, Fintech is expected to drive innovation in numerous sectors, including partnerships, economy, government aid, or even developing whole new products and services.
While the pandemic proved to be devastating for many industries around the world, Fintech is one of the few that managed to find a way to further develop. Not only did Fintech play a huge role in overcoming the challenges people faced, but it also used the experience to further develop and become more efficient.
