The use of fintech apps has increased more than 61% since the pandemic started last year, demonstrating how the virus has changed the way people manage their finances.
This is according to James Green, deVere Group’s divisional manager: Europe, who notes: “Pre-coronavirus, we were already in an exciting new era driven by the lightning pace of the digitalisation of our everyday lives.
“But, like so many areas of our lives, the pandemic has accelerated this trend.”
He adds: “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.”
Nigel Green, deVere CEO and founder, believes the trend will further increase. “The financial services sector is currently undergoing, I believe, possibly the most profound transformation in history.
“We’re seeing seismic and far-reaching shifts in client expectations,” he adds. “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.”
He adds that this 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.”