LONDON–New data from Europe show the current coronavirus pandemic is having an effect on usage of financial services apps.
According to new analysis by deVere Group, a financial advisory organization, Europe has seen a 72% increase in usage of financial apps among its client companies in recent weeks.
“The world has changed in the last few weeks,” said James Green, deVere Group’s divisional manager of Europe. “The measures we’re now all taking to help the fight back against coronavirus are affecting the way we interact, live, work, and take care of our finances. A new era has already begun, with digitalization and new technologies driving the shift. This can be seen by demand soaring for video-calling platforms such as Google Hangouts, Skype, FaceTime and Zoom amongst others, as more people from ever work remotely.”
Green said the company has also seen a “sharp increase” in inquiries from potential clients about financial apps.
Surge in Usage
In particular, Green said the company’s deVere Catalyst solution has seen a surge in usage over the last week. That app serves novice investors or those who don’t wish to spend considerable time managing investments.
“Fintech, a significant driver of the so-called ‘fourth industrial revolution,’ is going to become an increasingly dominant part of our lives and coronavirus is fueling the shift,” said Green.