Coronavirus lockdown sees fintech app use rise

By Matt High
The use of financial apps and mobile banking services has increased by 72% in Europe as a result of coronavirus, according to research The research, pu...

The use of financial apps and mobile banking services has increased by 72% in Europe as a result of coronavirus, according to research

The research, published by independent financial advisory organisation deVere Group, found that the 72% increase had occurred over just one week. 

It attributed this to social distancing, remote working and other quarantine measures implemented to contain COVID-19.

The shift has been seen by many as a long-term indication of the importance of digital banks as society adjusts to life in uncertain times. 

The world has changed

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

Green explained that a new era had begun, driven by digitalisation and new technologies as evidenced by the increased popularity of platforms like Google Hangouts, Skype and FaceTime. 


He added: “Since the 2008-2009 financial crash, fintech has been filling the void left between what traditional financial services companies are offering and what clients are now expecting, especially in terms of customer experience [...] Fintech is fast becoming the new normal.”

Surge in use

It should be noted that deVere Group has measured the rise in the usage of its own apps. The organisation is one of the few advisory companies that has made an active move into fintech innovation. 

Over the last three years it has launched a suite of financial apps, including deVere Vault, a global e-money currency app and multi-currency prepaid card; a cryptocurrency app that allows users to store, transfer and exchange major cryptos and deVere Catalyst, an investment and savings app. 

According to Green, the latter has “seen a surge in usage over the last week. This app takes the hassle out of investing and gives those with little or no investment experience the opportunity to invest in well-balanced funds at a fraction of the price.”

According to Forbes, the rise in fintech app use comes amid a broader growth in digital technology use. Netflix, for example, has witnessed record viewing numbers in recent weeks, while business conferencing site, Zoom has reported similar. 

For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.

Follow us on LinkedIn and Twitter.


Featured Articles

FIVE key Fintech trends driving change in Digital Payments

From BNPL to cryptocurrency, the world of payments is changing ‒ and fintech innovation is at the heart of it. We look at the top five disruptive trends

Pay Later: Does Apple's latest offering threaten BNPL?

We ask several industry insiders whether Apple Pay Later, the tech firm's foray into BNPL, threatens the market and risks marginalising smaller players.

Is Launching a Fintech Unicorn Easier than Ever Before?

With new unicorns in the fintech space emerging every week, we take a look at the traits that enable companies to scale at pace

Why BaaS is transforming the financial services space


Wealth management trends and the ‘new normal’

Financial Services (FinServ)

Innovation is driving fintech, Shuki Licht, Finastra CEO

Financial Services (FinServ)