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Education
The pandemic has only increased that ratio. The revenues
of European and American banks were projected to drop
by about 8.5 percent, with 30 percent lower profits than The following sources were used
predicted just 12 months ago. in researching this article:
Traditional financing operations increasingly are seeking • www.reechcorp.com/insights/the-effect-of-
to capitalize on alternative financing options and capture covid-19-on-fintech-five-graphs-that-matter
some of that market share. Whether they'll be able to do so
fast enough (or effectively enough) is up for debate. • https://home.kpmg/xx/en/home/in-
sights/2020/04/covid-19-impact-and-impli-
5. New levels of personalization cations-to-financial-services.html
The alternative financing world offers a level of • www.klgates.com/covid-19-its-impact-
personalization and customization for financing that on-banking-fintech-and-payments-faqs-
traditional banking services cannot. This is proving to be part-2-05-21-2020
attractive to customers who do not want to feel like they
are just another account number, another cog in the wheel. • www.openaccessgovernment.org/how-can-
alternative-finance-help-your-business-
As technology improves even more (and we truly grow during-difficult-times/98609/
into the Internet of Things) it's likely alternative finance
and fintech will have an outsized impact on banking, • www.worldbank.org/en/news/press-re-
lending and investing. These are exciting times. lease/2020/12/03/fintech-market-reports-
rapid-growth-during-covid-19-pandemic
Chad Otar is CEO of Lending Valley Inc. For information about the • https://techcrunch.com/2021/08/30/lessons-
company, please visit www.lendingvalley.com. To reach Chad, send an from-covid-flexible-funding-is-a-must-for-
email to chad@lendingvalley.com. Strength in partnerships alternative-lenders/
