Due to the current pandemic of social distancing, isolation and lockdowns, these 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, said: “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% jump in the use of our fintech apps from existing clients and a sharp increase in enquiries from potential ones.
Shell buys UK’s biggest electric vehicle charging network Ubitricity
“Fintech is fast-becoming the new normal.”
James Green observes: “deVere Catalyst, in particular, has seen a surge in usage over the last week. This app takes the hassle out of investing and gives those with little or no investment experience the opportunity to invest in well-balanced funds at a fraction of the price – thereby helping them to reach their life-enhancing long-term financial goals.”
deVere’s Divisional Manager of Europe adds: “Fintech – a significant driver of the so-called ‘fourth industrial revolution’ – is going to become an increasingly dominant part of our lives and coronavirus is fuelling the shift.
“I believe it’ll have a positive impact, because it is meeting evident and growing client demand for on-the-go service, it is speeding up the advance of financial inclusion across the world, plus it gives firms the opportunity to diversify, cut costs, meet regulatory requirements and further enhance the client experience.”