The Cambridge Centre for Alternative Finance (CCAF), World Bank, and World Economic Forum invite fintech companies to contribute to data collection for the Global Covid-19 FinTech Market Impact & Industry Resilience Study, with a deadline set for October.
In its second year, this study seeks to provide enhanced insights into the short- to medium-term effects of the pandemic on fintech entities. It will assess their performance amid various market conditions, the steps taken to meet customer needs, and the influence of regulatory responses on their development and growth.
Tania Ziegler, head of global benchmarking at CCAF, notes that preliminary data analysis has revealed significant areas of focus for firms in response to ongoing pandemic challenges, particularly regarding fraud prevention, cybersecurity, and streamlined onboarding processes.
Ziegler remarks, “We are observing interesting trends in the interplay between qualification and onboarding, which we plan to explore further in the coming weeks.” She adds, “Another trend worth investigating is that several initiatives introduced due to Covid-19 seem to be permanently adopted. We are eager to progress from data collection to analysis, especially around regulatory requirements reported by firms.”
Initial data indicates that the primary regulatory support mechanisms used by fintechs include standardisation in cybersecurity and fraud prevention, support for remote onboarding, and simplified customer due diligence.
“We are seeing encouraging results emerging from the data collected thus far, although some challenges highlighted in our Covid-19 Rapid Assessment Study from last year are still present,” Ziegler states. “The more responses we receive, the more representative the survey will be of the overall industry, allowing for a detailed regional analysis. We urge any firms that have not yet participated to complete the survey as we approach the final phase of data collection.”
Drew Propson, head of technology and innovation in financial services at the World Economic Forum, previously emphasized the value of this global survey, highlighting its potential to inform understanding of the longer-term impacts of the pandemic on fintechs. Analyzing results by country will facilitate knowledge sharing and collaboration across different regions.
The CCAF, in partnership with prominent industry organizations such as Finextra, LendIt, Innovate Finance, GSMA, and Crowdfund Insider, serves as Global Survey Research Partners to disseminate the report’s findings worldwide.
Fintechs are encouraged to take 20-30 minutes to complete the survey before the closing deadline of October 1, 2021. The survey can be accessed here.