UK Fintech’s responding to COVID-19

By Michael Jenkins on The Capital

Source 11:FS

COVID-19 is impacting the world economy of which the financial services sector plays an outsized role, especially in the UK. The lockdown means consumers aren’t spending which means businesses are suffering.

The shift to digital has been a slow process for the financial sector due to the heavy burden of regulation but the current pandemic is accelerating this shift which over the longer term, should have huge positive impacts.

Augmentum produced an interesting look at fintech sectors post-COVID for additional reading.

Fintech startups have the ability to help both directly with consumers but also to partner with banks and other financial institutions to support their response and improve their shift to digital.

The below list of fintechs who are helping consumers and banks is just a starting point, feel free to add to it in the comments below.

Government Loan Verification (CBILS)

SME Data and integration

Debt solutions adviser

Identity Verification

Digital Customer Experience

Digital Mortgage Products

Digital Cloud Banking infrastructure

Personalised Offers for bank customers

Loan with quick decisions

Automation of loan document processing

Self-employed eligibility

  • COVID Credit (Created by Credit Kudos, Fronted, 11:FS, Coconut, Capital on Tap, Mazuma, SeedLegals and TrueLayer)

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