Industrial Automation Magazine India

Coronavirus lockdown: Massive surge in the use of fintech apps

Published on : Wednesday 01-04-2020

The sharp increase in the use of financial technology comes as the world readjusts to life fighting against the global health crisis.

April 2020 – Coronavirus-triggered social distancing, isolation and lockdowns have driven-up the use of financial apps in Europe by 72 per cent in a week, reveals deVere Group, one of the world’s largest independent financial advisory organisations. The sharp increase in the use of financial technology comes as the world readjusts to life fighting against the global health crisis and economic downturn caused by the Covid-19 pandemic. James Green, deVere Group’s Divisional Manager of Europe, notes: “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 digitalisation and new technologies driving the shift.  This can be seen by demand soaring for video-calling platforms such as Google Hangouts, Skype, FaceTime and Zoom amongst others, as more people from ever work remotely.

“Indeed, Zoom Video Communications has been a remarkable performer in recent times, with its shares gaining more 32% since the market began its decline in mid-February.”

“This new era has also been evidenced this week with a staggering 72 per cent jump in the use of our fintech [financial technology] apps from existing clients and a sharp increase in enquiries from potential ones.”

He continues: “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.

“In broad terms, this means immediate, on-the-go, 24/7 access to, use and management of their money. It means personalised, on-demand services. It means lower costs.

“It can be expected that due to the Coronavirus pandemic and the steps being taken to combat it, this move towards fintech will be significantly accelerated. 

“Fintech is fast-becoming the new normal.”

deVere is one of the very few financial advisory organisations that has been actively pushing into fintech and is now widely regarded as one of the leaders in the sector.

Over the last three years, the company has developed and rolled out a suite of ground-breaking fintech apps.