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4 charts on the impact COVID-19 has had on consumer fintech adoption

  • With branches closed, Americans needed the lifeline that fintech provided during the crisis.
  • The number of fintech apps and the frequency people use them have both increased.
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4 charts on the impact COVID-19 has had on consumer fintech adoption

With bank branches closed, consumers turned to fintech apps to help them manage their finances. For many of them, this was the first time they’ve really turned outwards from their banking relationships. Others, though familiar with fintech, doubled-down on their usage of new digital finance software. With job losses and reductions of income, Americans turned to fintech.

Fintech adoption is increasing globally, according to the 2020 Fintech Report published by Plaid. The report, which surveyed 2000 people in the US, found that the majority of people used fintech before the crisis, but COVID-19 accelerated their usage of fintech for more financial tasks and with more frequency.

 


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