In a time where nearly every person on the street has a smartphone, it may come as no surprise to some that the amount of consumers using an app to manage their finances has skyrocketed in recent years.
New research published today by ING-backed personal finance management app Yolt has found that 70 per cent of U.K. consumers now use an app to keep track of their money, an increase of 40 per cent from two years ago.
This figure extends to include 89 per cent of millennials who say they frequently use a PFM app, and nearly half of all those surveyed aged over 55.
However the impact of Open Banking is yet to be seen amongst consumers, with only 22 per cent of respondents being aware of what the new regulations are.
“The UK is switched on to the benefits of money apps, from managing their finances, making payments, comparing products and much more,” said Yolt COO Leon Muis.
“Nearly three quarters of Brits are now using some kind of app to manage their money. This is great news as we see Open Banking transform the way consumers interact with the retail financial services sector.
“However, we still have a way to go in educating consumers on the latest benefits available to them through Open Banking. We’re really excited at Yolt to be leveraging Open Banking and empowering our users to do more with their money.”