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Fintech & SMEs - the Dynamic Duo of the Future
The pandemic has disrupted traditional lending dynamics between banks and SMEs. Banks are not as willing to take risks on them. However, this has caused an opportunity for a burgeoning relationship between SMEs and Fintech to develop.
Consumer Loans: Why are Traditional Banks Losing Their Power?
Statistics produced by the Bank of Lithuania show that consumer loan portfolios of traditional banks and credit unions decreased by 6.5% in 2020 and the flow of new loans contracted by 3.5%. According to some experts, this is a trend mainly driven by a lower demand for money. COVID-19 and a higher degree of uncertainty has had a negative impact on consumption, which reduced household borrowing overall.
What Has The Financial World Learned From The Pandemic Era?
Amid the chilling consequences of the COVID-19 on health and society writ large, the pandemic has had tremendous effects on the financial industry and businesses worldwide. The health emergency forced the financial sector to rush to include new factors into its analysis of loans, securities, and portfolios—from the virus' transmission rate in specific markets to the periodic enforcement and easing of lockdowns.
Financial Health of Non-Financial Corporations in Lithuania: The Recent Trends
Statistics produced by the Bank of Lithuania shows that MFI funding to non-financial companies has decreased significantly. The value of MFI’s loan portfolios to business entities declined by 12.3% in 2020, which was the most substantial decrease throughout the EU.
Key Points of Fintech UX Design
Unlike other design projects, clients who want designs for their financial technology ("fintech") businesses desire to have an efficient and easy-to-use product. The desired outcome is a lot less like fashion retailing apps and more focused on selling services.
How Open Banking Has Changed Our View Of The Financial World
The world of finances changes continuously, yet it is often slow to respond to technological changes such as the advent of online banking, smartphones, and other factors of that nature. Furthermore, even if technological systems exist to allow for banking to continue through these new forms of technology, people are often slow to accept it.
Lending to the Private Non-Financial Sector: Current Interest Rates Trends
A survey conducted by the Bank of Lithuania revealed that interest rates are the most significant factor when decisions regarding borrowing are made. With this in mind, it’s important to understand the current interest rate trends throughout various segments of the Lithuanian private sector.
What is a Mobile Wallet?
Your phone, wallet, and keys are the typical three necessities to take when leaving the house, but using a mobile wallet brings those items down to two. A mobile wallet is a virtual version of your wallet that stays on your mobile device and holds your payment information for easy use.
Current Trends in Lending to Individual Business Industries
In November 2020, the Bank of Lithuania published its Q3 2020 data related to lending to individual business sectors. The figures reveal that Major Financial Institutions’ (MFIs) lending to businesses continues to decline.
What Can We Expect From Fintech in 2021?
COVID-19 has changed everything. Before the coronavirus, many economies were already in jeopardy, unable to manage support for the Sustainable Development Goals. The future of fintech post-COVID will be adaptation. Otherwise, there will be no overcoming the struggle to rebuild financial health, confidence, and economic response.