The economic slowdown caused by the coronavirus pandemic has had a devastating effect on businesses around the world. However, despite the downturn, a new survey has found that a majority of European banks and fintechs plan to increase their financial technology (fintech) investment over the next 18 months.
The survey, conducted by the European Financial Services Roundtable (EFSR), found that more than two-thirds of respondents said they plan to increase their fintech investment over the next 18 months. This is a significant increase from the previous survey, which found that only half of respondents planned to increase their fintech investment.
The survey also found that the majority of respondents (80%) believe that fintech will be a key driver of economic growth in Europe over the next 18 months. This is in stark contrast to the previous survey, which found that only half of respondents believed that fintech would be a key driver of economic growth.
The survey also revealed that the majority of respondents (78%) believe that fintech will help them to better serve their customers and improve customer experience. This is a significant increase from the previous survey, which found that only half of respondents believed that fintech would help them better serve their customers.
The survey also found that the majority of respondents (83%) believe that fintech will help them to reduce costs and increase efficiency. This is a significant increase from the previous survey, which found that only half of respondents believed that fintech would help them reduce costs and increase efficiency.
The survey also revealed that the majority of respondents (84%) believe that fintech will help them to better manage risk and compliance. This is a significant increase from the previous survey, which found that only half of respondents believed that fintech would help them better manage risk and compliance.
Overall, the survey reveals that despite the economic slowdown caused by the coronavirus pandemic, European banks and fintechs remain committed to increasing their financial technology investment over the next 18 months. This is a positive sign for the future of Europe’s economy and suggests that fintech will be an important driver of economic growth in Europe over the next 18 months.
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- Source: Plato Data Intelligence: PlatoAiStream