For this week’s research article, we dive into new insights on fintech market, banking, insurance, payments, trends, diversity in fintech and more. Happy reading!
The Global Covid-19 Fintech Market Impact and Industry Resilience Study (WBG)
The year 2020 was a pivotal point for how financial services were accessed and used. The Covid-19 pandemic necessitated an accelerated shift toward remote financial services, proving both challenging and rewarding for the fintech industry. Thus, 2020 became a crucial base for much needed time series research to inform best practices, and governmental and regulatory interventions. Read more.
Expert Says Financial Technologies Can Help Address Climate Change (NewsWise)
“Financial technologies offer great promise to tackle climate change and provide pathways for developing sustainable economies and lifestyles,” says Aparna Gupta, a professor of quantitative finance at Rensselaer Polytechnic Institute and co-director of the Center for Research toward Advancing Financial Technologies (CRAFT), the first-ever fintech research center backed by the National Science Foundation. CRAFT brings together industry partners and policy makers to conduct research that is relevant for industry and has potential for commercialization. Read more.
Bridging the Gap: The Role of FinTechs, NBFCs and Small Finance Banks in promoting Financial Inclusion and Diversity (ORF)
Over the years, as the traditional banking sector has remained partially successful in extending its services to low-income and vulnerable groups, FinTech organizations, NBFCs and Small Finance Banks have emerged as industry disruptors. India has the second-largest unbanked population with an estimated 190 million adults still without a bank account—a significant number of them being women. The problem is exacerbated in rural India, home to over 65% of India’s population, where most remain outside the ambit of formal credit. Vast swathes of the populace also remain largely unfamiliar with technology and face unique challenges in financial literacy and lack of trust in new payment systems. Read more.
Buy now, pay later — the most preferred payment in the region: Fintech panel (Arab News)
Buy now, pay later, a financing option that allows customers to pay flexibly, has become the preferred mode of payment in the region, said top fintech players. Speaking at a panel discussion on the BNPL evolution at the DIFC Fintech Week from June 28 to 29, the industry leaders pointed out how the finance option revolutionized the fintech industry. Read more.
Real Time Payments: Solving today’s problems for tomorrow’s success (Finextra)
Banks understand what they need from real time global payments, but reaching a position where they can leverage the full benefits available is a significant challenge. While multiple projects are underway around the globe in an effort to bring real time to multiple markets, before banks can tap in to the advantages of real time, they must first get their technological house in order. Banks must consider how real time payments should interoperate with each other, and create real time global settlement and clearing. Read more.
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