The Fintechs Seeing More Business as a Result of Coronavirus

While the coronavirus is impacting many companies there are a few bright spots for a handful of fintechs; Nigel Morris, managing partner of QED stated, “The behaviors that people can execute from their living room or from their den are going to grow, and behaviors that require face-to-face interaction or getting out into the community are going to diminish…What does that mean? You should have greater mobile apps and digital adoption in general. If I had been holding off on signing up for PayPal, for instance, I might just do that.” Symphony, which offers an instant messaging service for bankers has seen an uptick in activity with surges of messaging from 80% to 500% according to their CEO; not only are instant messages up, but also the volume of attachments has increased substantially by bank clients; this in the past has been a feature that some banks have reluctant to enable; Blend, a digital mortgage software provider is also seeing spikes in refinances, up 1500% to 2000% from the same days last year; American Banker digs further into these trends. American Banker

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