FinTech: Amidst the Pandemic, Fintech Fast-becoming The New Normal, Says Study

March 31, 2020 | FinTech, News
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Coronavirus boosts fintech app usage by 72%, says a study by deVere Group.

The world is adapting to unforeseen lockdowns and social distancing by using more digital technology. As people spend more time indoors, the demand for online services is exploding. But, the virus may accelerate, and perpetuate, digital trends that may already have been taking shape in our lives. (Forbes)

The pandemic triggers a new era

A study by the deVere Group, one of the world’s largest independent financial advisory organizations, observes in a study that the use of its financial apps has jumped 72% in Europe during the coronavirus pandemic.

Says James Green, deVere Group’s Divisional Manager of Europe: “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.”

“A new era has already begun, with digitalization and new technologies driving the shift.  This can be seen by demand soaring for video-calling platforms such as Google (NASDAQ: GOOGL) Hangouts, Skype, FaceTime and Zoom (NASDAQ: ZM) amongst others, as more people than ever work remotely.”

Further, users in record numbers have now taken to viewing Netflix (NASDAQ: NFLX) as they remain confined to their homes.

Apart from the rise in usage of deVere’s own fintech apps, there is evidence of a sharp rise in activity on fintech services globally. Examples are gold purchasing apps, banking apps in the Middle East and Asian countries such as the Philippines.

Whether the trend is here to stay

Is this just a temporary phenomenon that will evaporate once the virus passes?

According to Forbes, fintech, digital banking and remote working were already showing indications of growing long term adoption.

However, the pandemic lockdowns and isolations, if they last for many months, may reinforce and further boost these trends.

Related Story: FinTech: Moven Moves On; As Funding Woes Bite, It’s Lights Out at the Consumer Bank                 

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