UK fintech adoption has increased throughout the pandemic - Business Insider

Nearly one-fifth of respondents have started using an online banking service with more active functionality since the lockdown started to help manage debt, budget, and save better. Uptake was particularly high among younger demographics, standing at 45% for 25- to 34-year-olds. Additionally, 36% of respondents feel more comfortable with banking and money management apps, and 23% reported that they trust them more now than they did before lockdown.

The increase in adoption was fueled by consumers being worried about their finances, and usage is expected to persist beyond the pandemic. Thirty-nine percent of respondents said they were terrified of the financial impact of a second peak of the coronavirus. And two-thirds plan to continue using mobile and online services even after the pandemic.

Fintechs have a strong customer acquisition opportunity, but stiff competition means they'll need to expand their offerings to stand out. The UK personal finance management space is getting increasingly crowded, as it includes platforms that solely focus on budgeting and financial health , neobanks that offer PFM tools next to current accounts intended for everyday transactions, and incumbent banks that are increasingly launching services to help consumers manage their money.

To remain competitive, PFM platforms should diversify their offerings to better cater to new users' varied needs — especially those that have gained relevance amid the pandemic. For example, platforms that offer access to a marketplace of services can add usage-based auto insurance and loans to their lineups to support users through the crisis. We have already seen Yolt

that it's overhauling its app, after recently adding usage-based auto insurance By Miles to its marketplace.Join other Insider Intelligence clients who receive this Briefing, along with other Fintech forecasts, briefings, charts, and research reports to their inboxes each day. >>

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