Building on the findings and information from its landmark 2020 survey, the Cambridge Center for Alternative Finance (CCAF) is once again partnering with the World Bank Group and the World Economic Forum to study the impact of Covid-19 on FinTech companies.
The survey, entitled “The Global COVID-19 Fintech Market Impact & Industry Resilience Survey” aims to collect information and data from companies around the world to better understand the performance of fintech in the face of the pandemic, the measures that they were taken to meet customer demands and how regulatory factors influenced their development throughout the pandemic.
Bryan Zhang, Executive Director of CCAF, explains: “Our previous rapid assessment study provided useful insight into how FinTech companies coped with initial market shocks and operational challenges in a global pandemic. This study aims to collect year-round market data from 2020 that will allow us to empirically assess the impact of Covid-19 on digital finance services and the resilience of the global fintech industry. “
The survey will run from July to August 2021 and will include up to 20 questions for companies operating in FinTech or Digital Financial Services (DFS) markets and is expected to be released in the fourth quarter of this year. It will focus on 13 major fintech verticals and 103 sub-verticals that are representative of retail and market sourcing activities according to a taxonomy developed by CCAF.
Data points the research aims to capture include:
- Data relating to changes in key market performance and operational indicators;
- Changes to product or service offerings;
- Policy and regulatory assistance received and required; and
- The extent to which fintechs have been able to serve key demographic and market segments such as women and the underbanked and unbanked.
“This follow-up survey will allow us to better understand the differences between the business models of FinTech companies and whether and how the pandemic continues to affect them; the overall importance that different types of fintech companies have in emerging markets and developing economies (EMDEs), and the key policy and regulatory actions that remain necessary for fintech companies to continue to provide essential financial services in EMDE, ”said Ana Fiorella Carvajal, Financial Manager, Sector Expert, Finance, Competitiveness and Innovation at the World Bank.
Drew Propson, head of technology and innovation in financial services at the World Economic Forum, says: “The global reach of this new survey and our previous study will make collective data particularly valuable. As we examine the long-term impact of the pandemic on FinTech companies, disaggregating the results at the country level will allow for analyzes across geographies and allow for better knowledge exchange and inter-regional collaboration. “
The CCAF works in partnership with major industry players including Finextra, LendIt, Innovate Finance, GSMA and Crowdfund Insider as global survey research partners to disseminate the report’s findings globally.
The joint CCAF-World Bank-World Economic Forum survey can be accessed via this link: Global COVID-19 Fintech Market Impact & Industry Resilience Survey.