Most people in the UK still use a traditional bank as their primary account, with digital banks typically used for other secondary activities. However, in the midst of the Coronavirus crisis, we’ve seen people turning to FinTech apps, with usage increasing 72%. The disruption of the global pandemic will expose the gaps in traditional banks’ digital infrastructure and could see many providers accelerate modernisation plans to meet the demand for digital service. Since the outbreak began, cash usage has halved, and consumers are increasingly opting for other methods of payment such as Apple Pay. The rise of the contactless payment limit mirrors these behavioural changes, but does this really mean the death of cash in the long term?
