UK digital banking surge fuelled by Brexit and pandemic

Friday 2 October 2020 13:27 CET | News

Digital banking has experienced an unprecedented surge since Brexit and the pandemic, according to deVere Group staff cited by FinTech Magazine.

The rise in demand for cashless banking has been fuelled by worries regarding post-Brexit rule changes, climate change anxiety, and the global COVID-19 pandemic. Enquiries for challenger bank apps had risen by 67% in the past few months of 2020, with digital banking apps enabling customers to have greater flexibility regarding currency changes, transfers, and deposits. 

The UK banking rules post-Brexit are also a major contributor. UK-based banks are set to abandon their customers, by closing their accounts and stopping use of their services across Europe within weeks unless they have a valid UK address. This would cause a large disruption for people, businesses, and other organisations, hence the move towards banks that were operating under pan-European rules.

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Keywords: UK, digital banking, Brexit, pandemic, online banking, surge, deVere Group, cashless banking, post-Brexit, climate change, pandemic, challenger bank apps, digital banking apps, currency changes, money transfer, deposits, disruption
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech