This pandemic has definitely become the focal point for analysts and experts in regards to the implications it will have on the world of business after it will release its dark wings from this world. Of course, technology as a whole will be under the spotlight for a number of reasons, ranging from the much-speculated contact tracing app to the whole of finance after the implementation of new portals which are due to speeding up bulky and long processes. With this in mind, let's analyse what the future trends within fintech will be, in a post-COVID-19 world.
Data Integration For Risk Mitigation
it's known by many that one of the biggest focuses within fintech is risk mitigation. The process behind mortgages and small financial loans is renowned for being faulty under a number of points of view. The sole requirements for a proper credit score have been slowing down sectors like commercial property, with commercial estate agents in the UK admitting that the vast majority of the credit scores they are presented with are far below average. Risk mitigation done with big data instantly processed via an online portal could speed up mortgages and management-related processes.
Regulation Over Inflation
As many of you know, there are plenty of countries in the world which replied to this pandemic with ad-hoc strategies related to unemployment, furlough schemes and other forms of economic integration to ensure that the number of unemployed people didn't rise to the maximum in a matter of months. With this in mind, it's quite easy to understand why many analysts are scared of potential high inflation happening in the next couple of months, if not years, due to such measures. It's, in fact, mandatory to understand the fact that data will most likely become the starting point to quickly turn around any form of global inflation, and fintech as a whole will be put into the spotlight to make sure that such is happening.
Controlling Online Frauds
The pandemic has opened incredible opportunities for the ones who work in the digital sector. There are, in fact, tons of companies who moved from a face-to-face approach to an online one, which also created the need for some sort of more strict regulations following the above-mentioned inflation. When the pandemic started, in fact, the prices of face masks, together with other items, have been massively inflated on portals like Amazon and little to nobody was able to control such prices.
To Conclude
The future of the business world, post-COVID-19, will most likely force the whole of fintech to approach a number of data-driven strategies to ensure that, especially digitally, everything will work in a safe way. Although these are just speculations, it's clear that the need for more data-driven approaches is tangible, now more than ever.
