For McDonalds , the disruption of offering food at half the price, using a self-service counter, and pre-cooked hamburgers under heat lamps introduced fast food to America. Whether it is the security of knowing FedEx will deliver your package by the next day for a business deal or Amazon providing you groceries to your door later that evening within a 2-hour window, Americans have a need for speed.
Prior to COVID-19, the banking industry seemed tone deaf to this type of service, with customer checks held for days at a time and overdraft fees charged that are close to $40. With the current pandemic, FinTech companies have a golden opportunity to shine as the next ‘McMoney’ for America when it comes to fast service with a smile.
With national banks announcing last week they were not ready to offer the U.S. Government’s payment protection program loan designed to provide economic relief during COVID-19, the opportunity to improve customer experiences with accessing money is at an all-time high.
At least that is the hope, particularly for the crypto industry. Even the idea of using a Bitcoin ATM may become less of a novelty and more of a necessity in the search for cash. With a top ten ‘Bitcoin hot spots’, San Francisco, Tampa, and New York are U.S. cities in the top ten where Bitcoin ATMs are present and merchant acceptance of Bitcoin is high as well, so the use of this cryptocurrency to make purchases during the crisis while stock portfolios are down may also be on the rise.