• Post Graduate Program in Business Management with NMIMS
    Co-created with NMIMS
    4.8 out of 5 by 6071 learners
    4x Industry Demand
  • Post Graduate Program in Banking and Credit Underwriting
    4.7 out of 5 by 1376 learners
    12 X industry demand
  • Post Graduate Program In Finance And Accounting
    Co-created with Grant Thornton
    4.9 out of 5 by 238 learners
    14 X industry demand
  • Professional Certification in FinTech
    Co-created with SP Jain School of Global Management
    4.8 out of 5 by 534 learners
    6X industry demand
  • Credit Risk and Underwriting Prodegree
    Co-created with Moody’s Analytics
    4.5 out of 5 by 526 learners
    4X industry demand
  • Banking And Wealth Management Bootcamp
    4.7 out of 5 by 460 learners
    3X industry demand
  • Post Graduate Program In Capital Markets
    4.7 out of 5 by 807 learners
    3X industry demand
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    4.8 out of 5 by 7600 learners
    8X industry demand
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    4.6 out of 5 by 1726 learners
    4X industry demand
  • Financial Analysis Prodegree
    Co-created with KPMG
    4.7 out of 5 by 3311 learners
    4X industry demand

Humanity is facing a tough time today. The Novel Coronavirus is spreading at a fast rate globally. Some countries are tackling it hard while some have lost many of its citizens. Almost all the countries are under lockdown and all the economic activities have hit a speed bumper. People cannot go to banks and ATMs regularly nowadays as compared to normal days. A lot of financial activities are done through online transactions and digital payment methods are witnessing a rise in demand.

There are a lot of firms that had a huge cash inflow/outflow which has been affected due to lockdown. A lot of small vendors are closing their shops who do not deal in digital transactions. The Fintech players have been posed with the challenge to fulfil the demands of people and to maintain economic stability in these tough times. Let us discuss more the challenges faced by Fintech companies during this outbreak.

Many people earn their meals by working every day. If they don’t work, they can’t survive. Many countries have ensured necessary funds for these people and it is the job of a Business correspondent (BC) to deliver the funds to them. They help people who have less financial knowledge in accessing their bank accounts. Many economic activities have come to a halt and the cash flow is decreasing. It is very tough to provide cash to these people as many financial institutions are reporting cash shortage issues. The BCs of Fintech companies who were looking to expand themselves in rural areas are now facing the challenge of cash shortage. The financial exchanges of these rural people are mostly in cash and it is not possible to make the rural economy cashless overnight amidst this crisis.

There are restrictions on human movement because that is the only cure till now. The Fintech companies have to provide cash to these BCs and then the BCs have to ensure this money reaches the one in need. People cannot gather at one place to collect their share because of fear of an outbreak. The Fintech companies will find it hard in authentication, accessibility, and distribution.

A lot of people are shifting towards digital payments due to cash shortage. The load on servers of this Fintech firms is also increasing day by day. The fear of data loss or server lag is always there. The Fintech players have to adapt and bring technological advancements so they manage the load. If the server crashes, then a lot of transactions will get affected.

The data/information which is generated each day has also to be secure. A lot of people are using the services of Fintech firms and they are trusting them with their valuable transactions and personal information. The Fintech players have to cope up with the security challenges.

There is a lockdown imposed in many countries and is strictly monitored by the authorities. The Fintech players and their BCs have to cooperate with the local authorities and they have to make sure they follow the permissions and guidelines.

Due to this epidemic, cross border transactions and activities are witnessing a fall. The Fintech players have to make sure they manage the loss. They have to find innovative and secure ways for the demands of customers across the border.

Conclusion
There is a lot of load on these Fintech players but it is also an opportunity where they can leave an impact on their customers. The firms which will adapt will come out stronger from this situation. After all, there is hope to hang on! This article was all about the challenges faced by Fintech players amidst the lockdown. I hope it helps!

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About Imarticus
Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain.
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