FinTech has been one of the most impacted, with people working, shopping, and banking from home due to social distancing. This is likely due, in part, to these FinTech businesses having to continue to work and function in various stages of lockdown while answering consumers' evolving financial services needs. These behaviors changed so fast, both at the consumer and commercial level, that the only real way to address them quickly was collaboration. Many of the more popular startup payment methods you might have used to pay for your morning coffee were built upon banking institutions' existing infrastructure. Collaboration is the new competition, and the industry seems to be embracing it.

Source: Forbes December 16, 2020 18:56 UTC