The use of fintech apps has increased more than 61% since the pandemic started, according to a study by the independent financial advisory deVere Group.
The jump comes as financial technology apps show further evidence that the way we manage our finances further shifted in light of the coronavirus pandemic.
“Pre-coronavirus, we were already in an exciting new era driven by the lightning pace of the digitalisation of our everyday lives,” said James Green, deVere Group’s Divisional Manager of Europe.
“But like so many areas of our lives, the pandemic has accelerated this trend.”
Green added that the jump in usage of fintech apps from existing clients, and a sharp increase in enquiries from potential ones, underscores that people are becoming more tech-savvy than ever.
“Like never before, people are embracing the convenience of immediate, low-cost access to, use and management of their money.”
The deVere CEO and founder, Nigel Green, who has been a long-term advocate of fintech having launched a series of pioneering apps, believes the trend will further increase.
He said that the financial services sector is currently undergoing possibly the most profound transformation in history.
“We’re seeing seismic and far-reaching shifts in client expectations. As the world moves towards an ever-more digitalised and globalised future – which is increasingly influenced by those who’ve grown-up with ‘on-the go’ tech – this phenomenon can only be expected to gain momentum.
“The way we save, invest, use and manage our money has changed forever. We are witnessing a personal finance revolution.”
The CEO added that this revolution is a positive force.
“Fintech allows all clients’ personal financial services to be dealt with online and/or on their mobile devices, wherever they choose to be.
“It will speed-up financial inclusion around the world, especially for those who aren’t able to use financial services because of the biases of traditional financial firms.
“In addition, it allows firms within the financial sector the opportunity to diversify, reduce costs, fulfil regulatory requirements and further enhance the client experience.”
Of the year-on-year jump in fintech apps usage, James Green concluded that whether the trend in the usage of fintech is a long-term one will be demonstrated as lockdown restrictions are eased around the world and we look ahead to a post-pandemic future.
“I will be surprised if those new users of fintech will ever go back to traditional methods of accessing, using and managing their money.”