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FinTech apps surge amid coronavirus lockdown – deVere Group

The use of financial apps in Europe has increased by 72 per cent in a week as countries introduce lockdown measures including social distancing, isolation and quarantines to fight the spread of COVID-19, according to deVere Group.

James Green, Divisional Manager of Europe at deVere Group

James Green, Divisional Manager of Europe at deVere Group

The independent financial advisory organisation found that the world is adjusting to life fighting against the global health crisis, causing a strong growth in the use of FinTech.

“FinTech is fast-becoming the new normal,” James Green, Divisional Manager of Europe at deVere Group, said, noting that everyone is taking measures to interact, live, work and take care of our finances, with digitalisation driving the shift.

“Indeed, Zoom Video Communications has been a remarkable performer in recent times, with its shares gaining more than 32 per cent 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 apps from existing clients and a sharp increase in enquiries from potential ones,” Green said.

deVere has pursued FinTech actively for the past three years, rolling out a suite of apps including deVere Vault, deVere Crypto, deVere Core and deVere Catalyst.

He noted that FinTechs have, since the 2008-2009 financial crash, been filling the void left between what traditional financial services companies are offering and what clients are 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,” Green said. “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.”

Of its own apps, deVere Catalyst, an investment and savings app for globally diversified funds, has seen a surge in usage, and last week, deVere Group launched its Contactless Advice service.

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