UK-based FinTech firm Paysend has called for an industry-wide acceleration of innovation across FinTech and payments in response to the global coronavirus situation.
Sweeping disruption to the daily financial habits of consumers has created a number of problems that Paysend sees as necessary to be solved by emerging FinTech innovators with the provision of simple, accessible and low-cost solutions.
“Given the huge changes in consumer behavior and consumption patterns, and lockdown measures changing -potentially permanently – the way that people interact with their finances needs to change fast,” Alberto Macciani, CMO of Paysend said.
“It’s no surprise that there will never be a return to the previous way of living given the monumental events that have shaken the world in the past six months. For example, many surveys conducted recently show a clear preference for employees not to go back to full-time office work, but rather to mixed models which give the best of both – flexibility and engagement. This is the mantra that FinTech needs moving forward.”
Paysend’s business is centered on the seamless movement of money around the world, and the firm has highlighted 3 major phenomena sparked by the coronavirus crisis: the growth of digital payments and transfers driven by lockdown restrictions; a drop in cash usage because of issues around the safety of cash; the increasing integration of payment platforms, where distinctions are being removed to focus on single supports such as smartphones or smart cards.
“At Paysend we have identified the key trends that will shape the world after the pandemic has settled down through a combination of social listening and customer analytics, and we’re exploring them through our new innovation process,” Macciani added.
“We have developed an approach which we identify as ‘customer centric’, for which we ignite 3 factors: technology, trends and customer feedback. The result is featured in our product innovation funnel which represents the roadmap for future products.”
Paysend has experienced record growth of its Global Transfer platform in recent months, reaching over 1.8 million customers joining to date, as well as the successful launch of new international money account Paysend Global Account, which demonstrates the potential of the integrated portfolio of Paysend.
“Innovation in times like these is a great opportunity as the world is being reshaped and it gives us the opportunity to tap into trends and create new products that are really in-tune with customer insights and needs, and not simply existing ones,” Mr Macciani said.
“In that sense we aim to become a lifestyle brand that supports customers getting the most from their lives, rather than simply a service provider.”