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Millions download banking app for first time during lockdown

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27/04/2020
An estimated six million Britons – or 12% of UK adults - have downloaded their bank’s app for the first time since the beginning of lockdown, research shows.

Between 14 March and 14 April, around 200,000 people downloaded their bank’s app every day, according to a survey commissioned by fin tech firm Nucoro.

The company said the crisis could “permanently” change how people interact with their banks.

One in three of these new downloads happened in the days leading up to the lockdown on 23 March, while 17% took place between 7 and 14 April. A further 6% of people who don’t yet have their bank’s app plan to download it over the next three months.

Nikolai Hack, chief operating officer of Nucoro, said: “A combination of people going out less because of coronavirus and their finances coming under growing pressure means many people are more worried about bills and money. This has clearly led to a surge in people downloading their bank’s app for the first time and people generally using them more to keep a closer eye on their finances.

“However, once the coronavirus crisis passes, for many people the way they interact with their banks will have changed permanently.

“Many are increasingly happy to use apps, so there will be much more digital interaction. This will represent a strong opportunity for banks to improve customer service, reduce costs and cross sell more products and services such as investments and savings to their core banking clients.”

The findings suggest nearly a quarter of people are using their bank’s app more during the coronavirus crisis.

 

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