The popular take on the COVID-19 story in the financial technology (FinTech) industry is that businesses will fall into two separate categories, with customer behavior serving as the deciding factor. In category one, there are the winners—those companies that specialize in services such as digital P2P payments, deposit and savings, fraud detection, and mobile banking.
These types of organizations saw the pandemic as a “growth rocket,” a term used by Victoria Treyger, a leader of FinTech investing at Felicis Ventures. Category two holds the losers—companies that offer services (including retail POS systems, challenger banks, and lending) that don’t align with the landscape carved out by the coronavirus.
If these companies were able to survive the initial shockwave, they did so by rethinking their strategies and subsequently pivoting in some way. That said, the whistle has yet to be blown on the FinTech game.
There’s still time on the clock, and those FinTech companies looking to come out on top have to remain nimble, tread carefully, and keep an eye on the post-COVID world. To do all three successfully, FinTechs can utilize Account-Based Marketing strategies to survive and grow during (and well after) the COVID-19 pandemic. Here’s how.
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