{"id":5805,"date":"2020-07-30T17:21:34","date_gmt":"2020-07-30T16:21:34","guid":{"rendered":"https:\/\/www.conferencecall.co.uk\/blog\/?p=5805"},"modified":"2021-06-15T10:50:02","modified_gmt":"2021-06-15T09:50:02","slug":"lockdown-boost-for-fintech","status":"publish","type":"post","link":"https:\/\/www.conferencecall.co.uk\/blog\/lockdown-boost-for-fintech\/","title":{"rendered":"Lockdown boost for Fintech"},"content":{"rendered":"<p>Fintech usage jumps by over 50% during the lockdown period, with 21% securing new financial products without speaking to a single human being. Here&#8217;s more on how financial technology (fintech) has been given a boost by lockdown.<\/p>\n<p><!--more--><\/p>\n<p>A new survey of more than 2,000 UK adults commissioned by Yobota has uncovered how integral technology has been for people managing their finances during the lockdown.<\/p>\n<h2>What fintech are people using the most?<\/h2>\n<p>The study found that checking accounts (88%), transferring money (80%), withdrawing funds out of an investment (35%) and searching for new financial products (27%) are the most common uses of fintech, and also the following:<\/p>\n<ul>\n<li>21% have secured new financial products without speaking to a human being<\/li>\n<li>15% of people have been frustrated by their banks\u2019 poor technology<\/li>\n<li>The figure rises to 28% among those aged between 18 and 34<\/li>\n<\/ul>\n<p>The majority of Britons have relied on fintech to manage their finances during the lockdown, new research from Yobota has revealed.<\/p>\n<h2>Boost for mobile banking<\/h2>\n<p>The London-based technology company commissioned an independent survey among more than 2,000 UK adults. It found that 64% have become reliant on mobile and online banking to manage their finances since March, which is a sharp increase from before the lockdown, when just 42% of the nation were using fintech.<\/p>\n<p>The most common uses of fintech have been checking one\u2019s accounts (88%), transferring money (80%), closing or withdrawing funds out of an investment (35%) and shopping around for new financial products (27%). Millions of people have also used fintech to open new savings accounts (26%), apply for credit cards (18%), and extend overdrafts (17%).<\/p>\n<p>Over a fifth (21%) of fintech users said they have successfully secured new financial products during the lockdown without having to speak to a single human being.<\/p>\n<p>However, Yobota\u2019s research also exposed that 15% of consumers have been frustrated by their banks\u2019 poor technology, with this figure rising to 28% among those aged between 18 and 34.<\/p>\n<p>One in three (31%) people say the lockdown has opened their eyes to how many different ways technology can be used to manage their finances, with 42% planning to continue using tech much more even as bank branches re-open.<\/p>\n<p>Underlining the increasing importance of fintech, almost half (47%) of consumers say their tech offering is a \u201ckey consideration\u201d when choosing a financial services provider.<\/p>\n<p>Ammar Akhtar, CEO of Yobota, said: \u201cIn light of the financial distress caused by COVID-19, millions of Britons have needed fast access to loans, credit cards and overdrafts, not to mention advice and guidance. Crucially, they have had to rely on mobile and online banking for almost all of this.<\/p>\n<p>\u201cToday\u2019s research shows how some people have found managing their finances during the lockdown simple thanks to the advanced, easy-to-use fintech solutions deployed by their providers. However, others have clearly been frustrated and let down by their bank\u2019s technology.<\/p>\n<p>\u201cThis must be addressed. Even as the lockdown passes, people will not be in any rush to queue up in bank branches or have lengthy telephone calls, meaning financial services companies must keep pace with the demand for fintech. As the survey results show, those who don\u2019t risk losing customers.\u201d<\/p>\n<p><a href=\"https:\/\/www.conferencecall.co.uk\/conference-call\"><img decoding=\"async\" class=\"alignnone wp-image-1777 size-full\" src=\"https:\/\/www.conferencecall.co.uk\/blog\/wp-content\/uploads\/2015\/05\/conference-call-banner.jpg\" sizes=\"(max-width: 600px) 100vw, 600px\" srcset=\"https:\/\/www.conferencecall.co.uk\/blog\/wp-content\/uploads\/2015\/05\/conference-call-banner.jpg 600w, https:\/\/www.conferencecall.co.uk\/blog\/wp-content\/uploads\/2015\/05\/conference-call-banner-300x59.jpg 300w\" alt=\"\" width=\"600\" height=\"118\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fintech usage jumps by over 50% during the lockdown period, with 21% securing new financial products without speaking to a single human being. Here&#8217;s more on how financial technology (fintech)<\/p>\n<div class=\"more-link-wrapper\"><a class=\"more-link\" href=\"https:\/\/www.conferencecall.co.uk\/blog\/lockdown-boost-for-fintech\/\">Read More<span class=\"screen-reader-text\">Lockdown boost for Fintech<\/span><\/a><\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[45,17,27],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lockdown boost for Fintech - ConferenceCall.co.uk blog<\/title>\n<meta name=\"description\" content=\"Fintech usage jumps by over 50% during the lockdown period, with 21% securing new financial products without speaking to a single human being.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.conferencecall.co.uk\/blog\/lockdown-boost-for-fintech\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lockdown boost for Fintech - ConferenceCall.co.uk blog\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.conferencecall.co.uk\/blog\/lockdown-boost-for-fintech\/\" \/>\n<meta property=\"og:site_name\" content=\"ConferenceCall.co.uk blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/pages\/Conference-Call-UK\/178511498997826\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-30T16:21:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-15T09:50:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.conferencecall.co.uk\/blog\/wp-content\/uploads\/2018\/07\/image-of-smartphone-making-bank-payment.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Les Roberts\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LesRobertsMedia\" \/>\n<meta name=\"twitter:site\" content=\"@ConfCallUK\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Les Roberts\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.conferencecall.co.uk\/blog\/lockdown-boost-for-fintech\/\",\"url\":\"https:\/\/www.conferencecall.co.uk\/blog\/lockdown-boost-for-fintech\/\",\"name\":\"Lockdown boost for Fintech - 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