Ways of living has changed, minds have became creative, people look out to new yet convinient ways of doing things, due to COVID-19. Lockdown got almost everyone going digital, especially with payments – a rush in downloading Fintech apps. The lifestyle seems to have come to stay. About two-thirds of the world’s population probably, manage their finances entirely online.
The average UK consumer is starting to catch up and now has 2.8 fintech apps installed on their phones or tablets. A recent research conducted by Plaid and The Harris Poll, which surveyed 4,000 adults in the UK and US shows, Brits are planning to increase the number of fintechs they have installed to 3.5 apps over the next six months. 79 per cent of the people use fintech apps either for banking or to pay for goods and services with three-quarters, that is, 76 per cent feeling confident using the technology to manage their finances.
“This has been a ground-breaking year for fintech as Covid-19 pandemic led people to turn to digital solutions,” says the Head of International,Plaid, Keith Grose. “This accelerated the inevitable and now fintech has reached mass adoption faster than almost any service besides the internet itself.”
“Moving forward, open banking will be a core part of digital life— and it won’t be just about understanding your finances but putting them to better use via new, digital payment methods,” he added.
With the increase in research and development of digital currencies by Central banks of most countries, it is not surprising that the adoption and usage of Fintech apps is set to grow in the post-Covid world.