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 nations were using fintech. The most common uses of fintech have been checking one’s 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%).
Yobota’s research also exposed that 15% of consumers have been frustrated by their banks’ poor technology, with this figure rising to 28% among those aged between 18 and 34. 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. Underlining the increasing importance of fintech, almost half (47%) of consumers say their tech offering is a “key consideration” when choosing a financial services provider.