UK digital banking surge fuelled by Brexit and pandemic

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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