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The Coronavirus’ Effect on the Banking, Mortgages & Credit Industry, Business and Industry Trends Analysis

The economic and health uncertainties caused by the Coronavirus led businesses and consumers alike to curtail spending and, where possible, increase savings. Consumers paid down debt on their credit card accounts at a record rate. By 2022, consumers had returned to higher levels of spending, increased credit card debt and lower savings rates.

Technologies that enable both businesses and consumers to make touchless payments and online payments boomed at incredible rates—boosting payment platforms like PayPal, Venmo and Zelle. Consumers quickly replaced much of their physical, in-store shopping with online shopping. Many shopping platforms with integrated payment tools, such as Shopify, saw terrific growth rates.

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