Fintech Strategies During COVID-19 and the Pandemic's Impact on Technologies
Keywords:
Fintech, AI, COVID-19, Financial, Technology Conference
Abstract
The COVID-19 pandemic has catalyzed significant transformations in financial technologies (fintech), amidst enduring economic uncertainties and emerging opportunities. This paper systematically reviews literature on fintech disruptions, response strategies, innovations, and implications during the pandemic. Analysis covers pre-crisis fintech trends, the origins of COVID-19 impacts on the industry, digital accelerations in traditional financial services, regulatory and cybersecurity challenges, customer-centric product developments, and potential future collaborations. Findings reveal fintech is poised for growth due to increased digital adoption, financial inclusion demands, and the promise of blockchain technology. However, sustainability hinges on strategic adaptations. Recommendations include public-private partnerships to expand financial access, ethical implementations of emerging technologies, and ongoing research into niche sectors. As fintech's role in global finance grows, these evidence-based insights inform policy and promote responsible innovation, contributing to a comprehensive understanding and identifying key areas for further investigation.
References
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H. Baradaran and P. D. Azar, "Fintech in a pandemic crisis: Trust and reputation as antidotes," Corporate
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S. Foley, "Contactless payments and the evolution of fintech during COVID-19," Review of Finance, vol. 1, no. 1,
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D. Yermack, "Fintech and the Future of Finance," Review of Finance, vol. 1, no. 1, pp. 32–45.
W. Chen, M. P. Wellman, and Y. Vorobeychik, "Fintech security and privacy: Challenges and opportunities,"
ACM Computing Surveys, vol. 54, no. 6, pp. 1–38, 2021.
E. Brynjolfsson et al., "COVID-19 and remote work: An early look at US data," National Bureau of Economic
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S. K. Agyei, M. Alington, and E. Yeboah-Assiamah, "Surviving a pandemic: Mitigating cybersecurity threat in
fintech amid COVID-19 pandemic," Journal of Enterprising Communities: People and Places in the Global
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M. Von Gunten et al., "Digital Lending Platforms: Addressing the Financing Needs of Businesses during the
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W. Mougayar, "Blockchain applications in finance: A comprehensive review," Journal of Financial Technology,
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M. Swan, "The promise of blockchain: Hope or hype?" Journal of Strategic Information Systems, vol. 30, no. 1, pp. 3–45, 2021.
S. Carbo-Valverde, P. Cuadros-Solas, and F. Rodríguez-Fernández, "Fintech: Surviving the COVID-19 crisis," Journal of Economic Behavior & Organization, vol. 183, pp. 578–590, 2020.
B. Scholtens and Q. Kang, "Sustainable finance and fintech: A new hope," Sustainability, vol. 13, no. 2, p. 698, 2021.
Y. Luo and L. Wang, "Insurtech and the changing landscape of insurance in the COVID-19 era," Journal of Risk and Insurance, vol. 87, no. 4, pp. 779–804, 2020.
E. Pohl, "Insurtech innovation: Navigating the challenges of a global pandemic," Journal of Insurance Issues, vol. 44, no. 1, pp. 87–104, 2021
H. Bhattacharya, C. Foroughi, and Y. Saadat, "Fintech and future opportunities in a post-COVID world," Technological Forecasting and Social Change, vol. 170, p. 120869, 2021.
Inclusion: A global perspective," World Bank Policy Research Working Paper, 9651, 2021.
Paytm, "Paytm's response to the COVID-19 pandemic," July 22, 2021.
Plaid, "Plaid’s role in the pandemic: Enabling financial connectivity," May 7, 2021.
Revolut, "Revolut’s response to the COVID-19 crisis," March 25, 2021.
Square, "Square’s impact on small businesses during the pandemic," May 25, 2021.
R. Jones, L. C. Thomas, L. Evans, N. Ryder, and G. Byrne, "Fintech disruption: Opportunities and challenges in
the financial sector," Strategic Change, vol. 29, no. 2, pp. 87–104, 2020.
S. Gupta and D. Jain, "Challenges and opportunities for fintech startups," International Journal of Innovation
and Economic Development, vol. 3, no. 4, pp. 32–45, 2017.
K. Lee and H. Chan, "The rise of fintech: A comparative analysis of mobile banking adoption," Journal of
Financial Technology, vol. 4, no. 4, pp. 176–193, 2018.
R. B. Adams, "Banking in a pandemic: The role of digital transformation," Journal of Digital Finance, vol. 1, no.
2, pp. 112–128, 2021.
J. Zhang and Y. Hu, "The Impact of COVID-19 on Banking: A Comprehensive Review," Journal of Banking and
Finance, vol. 120, p.
S. Claessens, J. Frost, G. Turner, and F. Zhu, "Fintech and payments in the digital era: driving competition and
innovation while managing risks," The Journal of Risk Finance, vol. 22, no. 1, pp. 3–12, 2021.
S. Kapoor, "Fintech disruption: The rise of digital payments," International Journal of Fintech, vol. 3, no. 4, pp.
210–228, 2020
H. Baradaran and P. D. Azar, "Fintech in a pandemic crisis: Trust and reputation as antidotes," Corporate
Reputation Review
S. Foley, "Contactless payments and the evolution of fintech during COVID-19," Review of Finance, vol. 1, no. 1,
pp. 45–62, 2020.
D. Yermack, "Fintech and the Future of Finance," Review of Finance, vol. 1, no. 1, pp. 32–45.
W. Chen, M. P. Wellman, and Y. Vorobeychik, "Fintech security and privacy: Challenges and opportunities,"
ACM Computing Surveys, vol. 54, no. 6, pp. 1–38, 2021.
E. Brynjolfsson et al., "COVID-19 and remote work: An early look at US data," National Bureau of Economic
Research Working Paper No. w27344, 2020.
S. K. Agyei, M. Alington, and E. Yeboah-Assiamah, "Surviving a pandemic: Mitigating cybersecurity threat in
fintech amid COVID-19 pandemic," Journal of Enterprising Communities: People and Places in the Global
Economy, vol. ahead-of-print, no. ahead-of-print.
K. Schwab, "The great reset: Building a better future in the post-pandemic world," World Economic Forum, July
13, 2020
A. Vadera et al., "Customer-Centric Strategies in Fintech: Lessons from the Pandemic," International Journal of
Customer Relationship Marketing and Management, vol. 12, no. 1, pp. 32–45.
M. Von Gunten et al., "Digital Lending Platforms: Addressing the Financing Needs of Businesses during the
Pandemic," Journal of Financial Innovation, vol. 6, no. 4, pp. 210–228.
M. Hanna, R. R. Miller, R. Puri, and Y. K. Park, "AI-Driven financial advice: Transforming personal finance in
the pandemic era," Journal of Artificial Intelligence Research, vol. 7, no. 3, pp. 176–193, 2020.
W. Mougayar, "Blockchain applications in finance: A comprehensive review," Journal of Financial Technology,
vol. 7, no. 2, pp. 87–104, 2020
D. W. Arner, J. Barberis, and R. P. Buckey, "Digital finance & COVID-19: Implications, lessons, and reflections,"
Journal of Financial Regulation and Compliance, vol. 29, no. 1, pp. 8–31, 2021.
A. Zohar and J. Tzur, "Regulatory Challenges in Fintech: Navigating the COVID-19 Landscape," Journal of
Financial Regulation and Compliance, vol. 28, no. 3, pp. 210–228.
Economist Intelligence Unit, "Fintech in a post-COVID-19 world: A global outlook," 2020.
K. Biswas, "Cybersecurity cases in fintech applications and future challenges," Computer Fraud & Security, vol.
2021, no. 3, pp. 15–20, 2021.
S. Mansfield-Devine, "The impact of COVID-19 on cybersecurity," Network Security, vol. 2020, no. 6, pp. 8–11,
2020.
S. Claessens and L. E. Kodres, "The regulatory and supervisory response to fintech: A cross-country analysis,"
IMF Working Paper, WP/20/72, pp. 1–38, 2020
V. V. Acharya, P. M. DeMarzo, I. Kremer, and C. Syverson, "Fintech and COVID-19: Impacts, challenges and
policy priorities," National Bureau of Economic Research Working Paper No. 27990, 2020
P. Gomber, J.-A. Koch, and M. Siering, "Digital finance and fintech: Current research and future research
directions," Journal of Business Economics, vol. 90, no. 4, pp. 521–557, 2020.
A. Demirgüç-Kunt, M. M. Lokshin, and I. Torre, "Fintech for financial inclusion: A global perspective," World Bank Policy Research Working Paper, 9651, 2021
E. Lau, W. C. Lee, and C. F. Chui, "Health-Tech integration in fintech: Opportunities and challenges," Journal of Medical Internet Research, vol. 23, no. 3, p. e21807, 2021.
M. Swan, "The promise of blockchain: Hope or hype?" Journal of Strategic Information Systems, vol. 30, no. 1, pp. 3–45, 2021.
S. Carbo-Valverde, P. Cuadros-Solas, and F. Rodríguez-Fernández, "Fintech: Surviving the COVID-19 crisis," Journal of Economic Behavior & Organization, vol. 183, pp. 578–590, 2020.
B. Scholtens and Q. Kang, "Sustainable finance and fintech: A new hope," Sustainability, vol. 13, no. 2, p. 698, 2021.
Y. Luo and L. Wang, "Insurtech and the changing landscape of insurance in the COVID-19 era," Journal of Risk and Insurance, vol. 87, no. 4, pp. 779–804, 2020.
E. Pohl, "Insurtech innovation: Navigating the challenges of a global pandemic," Journal of Insurance Issues, vol. 44, no. 1, pp. 87–104, 2021
H. Bhattacharya, C. Foroughi, and Y. Saadat, "Fintech and future opportunities in a post-COVID world," Technological Forecasting and Social Change, vol. 170, p. 120869, 2021.
Inclusion: A global perspective," World Bank Policy Research Working Paper, 9651, 2021.
Paytm, "Paytm's response to the COVID-19 pandemic," July 22, 2021.
Plaid, "Plaid’s role in the pandemic: Enabling financial connectivity," May 7, 2021.
Revolut, "Revolut’s response to the COVID-19 crisis," March 25, 2021.
Square, "Square’s impact on small businesses during the pandemic," May 25, 2021.
Published
2024-06-05
How to Cite
Alabedi, A. J. F., & Ahmed, D. H. (2024). Fintech Strategies During COVID-19 and the Pandemic’s Impact on Technologies. International Journal on Economics, Finance and Sustainable Development, 6(5), 1-18. https://doi.org/10.31149/ijefsd.v6i5.5277
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