The new reality in the era of the coronavirus pandemic has changed the financial habits of consumers around the world for good. According to McKinsey data, in the first half of 2020, American consumers spent over $ 347 billion on online purchases, an increase of over 30%. Compared to the same period in 2019. This situation poses newer and newer challenges for the banking industry and service providers to the financial technology industry. The topic was commented on by Marcin Sikora, CSO LOANDO Group.
“Statistics show that over of consumers can cancel a transaction if a given store does not offer the payment method preferred by the customer. This undoubtedly puts a lot of pressure on sellers and forces them to constantly adapt to the needs of the local market. All these dynamic changes create a great opportunity for open banking, as consumers will constantly seek newer and newer ways to pay conveniently and securely”.
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