Stay at Home Orders Lead to Rise in Fintech App Adoption

Fintech apps have seen a big rise in adoption the las few months as stay at home orders have been enforced; new research by the Open Up 2020 Challenge found 54 percent of UK consumers now use money management apps; more than 30 percent now feel more comfortable using banking and money management apps since lockdown and almost 25 percent trust online banking more now than before lockdown; 40 percent are terrified of the financial impact of the pandemic and 30 percent have started to prepare for a second round of lockdowns; Lubaina Manji, Senior Programme Manager, Nesta Challenges, said to AltFi: “While the economic picture coming out of the pandemic seems bleak, it’s encouraging to see many people actively seeking out tech solutions to manage their money and preparing for further uncertainty.” AltFi.