This white paper is based on a survey and series of interviews conducted in March and April 2020, when the coronavirus pandemic was at its peak in many of the regions involved in the study. In the face of exceptional challenges, banks remained far more confident than FinTechs and PSPs.
Key findings include:
- Just 5% of the banks included the threat of economic recession in their top three challenges.
- 31% of FinTechs and 41% of PSPs saw the approaching recession as one of their biggest three challenges.
- Less than a third of financial institutions are now concerned about the pace of technological change.
- Nine in ten banks reported being confident they could adapt ‘quickly’ or ‘fairly quickly’ thanks to investment in tech and infrastructure.
Unlike many FinTechs and PSPs in the market today, banks have the benefit of their experience during the last recession: they learnt valuable lessons and are now stronger and more able to weather the coming storm.