deVere Group released a report that found that the use of fintech apps in Europe grew by 72% in just a week.

The Swiss-based consulting firm said large parts of Europe closed down under quarantine orders. Therefore, consumers turned to mobile and online apps to conduct their personal banking needs and to conduct business. The coronavirus pandemic is likely to cause a global acceleration of fintech usage and product development going forward.

deVere Group on Fintech

James Green, deVere Group’s Divisional Manager of Europe, noted that “The world has changed in the last few weeks. The measures we’re now all taking to help the fight back against coronavirus are affecting the way we interact, live, work, and take care of our finances.”

He added, “It can be expected that due to the Coronavirus pandemic and the steps being taken to combat it, this move towards fintech will be significantly accelerated. Fintech is fast-becoming the new normal.”

In the United States, we have likely seen a similar increase in the use of financial apps. Most of us are under a stay in place order of some degree and are stuck at home. Many banks have closed lobbies are relying on the drive-through teller windows to service customers. Bills still need to be made, accounts have to be managed, and business needs to be done, so even the mobile and digital adverse among us are turning to fintech to manage our finances.

The surge in tech usage created by the coronavirus will likely stay in place when the pandemic is over.