Fintechs Poised to Lock In Sudden Success Courtesy of Crisis Era

Financial-technology companies supercharged their advance on the traditional banking system amid the need for rapid economic relief in the coronavirus age, and are working to cement that progress when the crisis passes.

The Federal Reserve expanded the Paycheck Protection Program Liquidity Facility to non-bank lenders last week. And in mid-April, companies including PayPal Holdings Inc., Square Inc. and Intuit Inc. for the first time gained the right to help distribute Small Business Administration loans.

Now, the firms must convert the victories into longer-term acceptance within the financial system. Julien Courbe, a partner at PricewaterhouseCoopers who focuses on financial services, ...