The coronavirus pandemic has been a contributing factor as more of us move our financial affairs into the digital arena.
UK consumers are ditching conventional cash and embracing technology as a direct result of COVID-19. New findings released by ThoughtWorks reveal that many adults are now making use of online banking to manage their money. Indeed,62% now think they are in better control of their personal finances as a result. Central to the findings is the overwhelming effect of coronavirus, with the pandemic resulting in more people refusing to use cash. Many of us are avoiding visits to traditional banks too, with 39% reporting that they haven’t been into a branch since COVID-19 arrived. The grim situation during 2020 prompted 33% of those surveyed to try mobile banking for the first time. And the days of using conventional cash look to be numbered with 31% respondents stating that they don’t use it at all anymore. Conversely, many were upbeat about the generally positive aspects of digital banking and being able to manage their money online in the last year or so. Some 22% of those surveyed said they were now using apps and other tech platforms to make digital payments. Meanwhile,18% said that they’d used downtime during lockdown to give their finances an overhaul, while building up savings and avoiding non-essential purchases.
