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Fintech in the time of COVID−19: Technological adoption during crises

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  • Fu, Jonathan
  • Mishra, Mrinal

Abstract

We document the effects of the COVID−19 pandemic on digital finance and fintech adoption. Drawing on mobile application data from a globally representative sample, we find that the spread of COVID− 19 and related government lockdowns led to a sizeable increase in the rate of finance app downloads. We then analyze factors that may have driven this effect on the demand−side and better understand the “winners” from this digital acceleration on the supply−side. Our overall results suggest that traditional incumbents saw the largest growth in their digital offerings during the initial period, but that “BigTech” companies and newer fintech providers ultimately outperformed them over time. Finally, we drill−down further on the adoption of fintech apps pertaining to both the asset and liability side of the traditional bank balance sheet, to explore the implications that the accelerated trends in digitization may have for the future landscape of financial intermediation.

Suggested Citation

  • Fu, Jonathan & Mishra, Mrinal, 2022. "Fintech in the time of COVID−19: Technological adoption during crises," Journal of Financial Intermediation, Elsevier, vol. 50(C).
    • Handle: RePEc:eee:jfinin:v:50:y:2022:i:c:s1042957321000462
    DOI: 10.1016/j.jfi.2021.100945
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    2. Barbara Będowska-Sójka & Agata Kliber & Laivi Laidroo, 2023. "Has the pandemic changed the relationships between fintechs and banks?," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 33(4), pages 15-33.
    3. Boufateh, Talel & Saadaoui, Zied & Jiao, Zhilun, 2025. "On the time-varying responses of Fintech stock returns to geopolitical, financial and market sentiment shocks," The Quarterly Review of Economics and Finance, Elsevier, vol. 101(C).
    4. Kriti Kishor & Sanjeev K. Bansal & Roshan Kumar, 2025. "The Role of Fintech in Promoting Financial Inclusion to Achieve Sustainable Development: An Integrated Bibliometric Analysis and Systematic Literature Review," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 5664-5692, March.
    5. Kakhkharov, Jakhongir & Bianchi, Robert J. & Akhtaruzzaman, Md, 2024. "The impact of monetary and fiscal policy on FinTech firms during the crisis," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    6. Chunling Li & Nosherwan Khaliq & Leslie Chinove & Usama Khaliq & Judit Oláh, 2023. "Consumers’ Perception of Risk Facets Associated With Fintech Use: Evidence From Pakistan," SAGE Open, , vol. 13(4), pages 21582440231, October.
    7. Yu, Shengjing & Zheng, Xiaolan & Liu, Martin J., 2025. "Board digital expertise and digital innovation: Evidence from commercial banks in China," Research in International Business and Finance, Elsevier, vol. 76(C).
    8. Vaishali Kamboj & Dipasha Sharma, 2025. "Mapping the landscape of digital financial inclusion and proposing integrative framework: trends, influential works, and future directions," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-19, December.
    9. Sun, Yang & Tang, Xinwei, 2022. "The impact of digital inclusive finance on sustainable economic growth in China," Finance Research Letters, Elsevier, vol. 50(C).
    10. Hyun-Soo Choi & Roger K. Loh, 2024. "Physical Frictions and Digital Banking Adoption," Management Science, INFORMS, vol. 70(10), pages 6597-6621, October.
    11. Justus Meyer & Federica Teppa, 2023. "Euro area consumers' payment behaviour and banking digitalisation," Working Papers 772, DNB.
    12. Nejla Ould Daoud Ellili, 2023. "Is there any association between FinTech and sustainability? Evidence from bibliometric review and content analysis," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(4), pages 748-762, December.
    13. Long She & Arghya Ray & Sitara Karim & Lan Ma, 2026. "Drivers of financial app usage in China: an integrated theoretical model," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-17, December.
    14. Navendu Prakash & Shveta Singh & Seema Sharma, 2025. "Technological Diffusion, Bank Performance, and Solow’s Paradox: Insights from an Emerging Economy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(3), pages 11800-11835, September.
    15. Hornuf, Lars & Safari, Kulondwa & Voshaar, Johannes, 2025. "Mobile fintech adoption in Sub-Saharan Africa: A systematic literature review and meta-analysis," Research in International Business and Finance, Elsevier, vol. 73(PA).
    16. Alexander Peter Groh & Christina Guenther & Denis Schweizer & Silvio Vismara, 2025. "Entrepreneurial finance in an extended period of crises," Small Business Economics, Springer, vol. 65(2), pages 763-776, August.
    17. Pacelli, Vincenzo & Miglietta, Federica & Foglia, Matteo, 2022. "The extreme risk connectedness of the new financial system: European evidence," International Review of Financial Analysis, Elsevier, vol. 84(C).
    18. Yu-Hsiang Hsiao & Jing-Cih Wu, 2026. "Exploring the fintech advancements in banking of Taiwan and the U.S. using patent-based topic modeling and generative topographic mapping," Scientometrics, Springer;Akadémiai Kiadó, vol. 131(1), pages 609-645, January.
    19. Orkun Saka & Barry Eichengreen & Cevat Giray Aksoy, 2022. "Epidemic Exposure, Financial Technology, and the Digital Divide," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(7), pages 1913-1940, October.
    20. Hasan, Iftekhar & Li, Xiang & Takalo, Tuomas, 2023. "Technological innovation and the bank lending channel of monetary policy transmission," IWH Discussion Papers 14/2021, Halle Institute for Economic Research (IWH), revised 2023.
    21. Haruthai Kasemharuethaisuk & Taweesak Samanchuen, 2023. "Factors Influencing Behavior Intention in Digital Investment Services of Mutual Fund Distributors Adoption in Thailand," Sustainability, MDPI, vol. 15(3), pages 1-21, January.
    22. Adriana Grigorescu & Oana Oprisan & Cristina Lincaru & Camelia Speranta Pirciog, 2023. "E-Banking Convergence and the Adopter’s Behavior Changing Across EU Countries," SAGE Open, , vol. 13(4), pages 21582440231, December.

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    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G5 - Financial Economics - - Household Finance
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

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