Businesses innovate to meet new market needs
Banking Circle research reveals how payments businesses are adapting in the wake of COVID-19 restrictions
London, 06 May 2020 – Recent research commissioned by financial infrastructure provider, Banking Circle, following a webinar on the impact of COVID-19, has found that businesses are innovating rapidly to meet their customers’ ever-changing needs.
- 45.2% have already launched new or extended solutions
- 31.5% have seen demand for their services increase
- 50.7% of respondents have seen increased demand for online services
- 76.7% have adapted their sales and marketing model for an all-digital world
Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle commented: “We are seeing a wave of innovation sweep across many industries – and no more so than the payments and FinTech sectors. It is inspiring to see. Enterprises of all types and sizes are innovating and adapting to deliver solutions that keep business running smoothly for themselves and their customers.”
Banking Circle’s research highlights that businesses in the payments and FinTech arena are going through unparalleled difficulties. 37% are seeing a reduction in demand for their services; 20.6% are facing late payments from customers and 17.8% are experiencing difficulties with their supply chain. 22% of respondents have worked to de-risk their portfolio and 15% have adjusted their business model. And significantly, 82.2% now have employees working from home, leading 37% to invest in new tech to allow for this new way of working.
“It is impossible to predict the lasting impact this crisis will have on the business landscape, the economy and on individuals, but it is encouraging to see that businesses remain proactive and innovative in the face of the unknown”, concluded Anders la Cour. “It is now more important than ever that the global financial services industry works together to deliver better and more accessible solutions for consumers and for businesses of all sizes and stages, no matter where they are in the world.”