Over the course of the COVID-19 pandemic, we saw the emergence of two very different phenomena that were nonetheless connected. On the one hand, we saw the publication of an unprecedented number of scientific papers looking at all manner of imaginable (and unimaginable) consequences and effects of the coronavirus. Not a subject area that we tend to cover here at GDS Modellica.
On the other hand, much closer to our normal area of focus, we saw how the pandemic and the measures implemented to mitigate its effects acted as a catalyst for the digitalisation of everyday life. We saw an exponential increase in the adoption of fintech, growth for neo-banks and, ultimately, greater acceptance of open banking concepts by both institutions and customers.
However, we lack figures. We need data to establish to what extent one phenomenon has driven the other. Is there a way of doing this with the same rigour and detail as a scientific paper? Well, a number of researchers have decided that it was worth doing and have published a study entitled Fintech in the time of COVID-19: technological adoption during crises
The paper is available on Science Direct and covers, in detail, the download rate of finance apps, in a market that represents a very ambitious sample of more than 6 billion people, over the course of 23 months between January 2019 (almost a year before the pandemic was declared by the WHO) and December 2020.
Based on this analysis, the authors have concluded that there was a notable increase in the use of fintech apps, particularly on Android platforms, and especially during the various lockdowns across the world. Here at GDS Modellica, we always recommend reading the report in full, but in the meantime, we have compiled some of the key points into an infographic for our readers to get a quick overview.