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6 million individuals downloaded a banking app for the first time during COVID-19

Thursday 3 December 2020 15:26 CET | News

6 million individuals downloaded a banking app for the first time during COVID-19 and 4 million people use some form of high cost credit annually are some of the findings published in the Emerging Payments Association's new report.

According to the Financial Inclusion Commission, the UK has over a million individuals without a bank account. There is a larger section of the population which is underserved and a disproportionate amount are 16-24 or over 65. The experience of the unbanked and the underserved has been further aggravated in 2020 due to the COVID-19 pandemic and its subsequent lockdowns.

Other findings from 'All Aboard. The role of the Fintech industry in solving the problems of financial exclusion' include:

  • Basic bank account users have gradually moved up to having a regular current account and gained access to other financial products;

  • According to Pew Research Centre and the World Bank’s Financial Inclusion Database, out of the 1.8 billion plus Muslim population globally, 800 million are unbanked;

  • Fintechs can assist in providing financial education through gamification on money management;

  • A lack of digital and financial skills as well as poverty will create further negative consequences for the unbanked and underserved population.


More: Link


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Keywords: EPA, UK, Europe, COVID-19, fintech, unbanked, underserved
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech