PensionBee CEO Romi Savova
What trends are Moneybox and PensionBee seeing during the coronavirus pandemic?
Moneybox has seen steady deposits and PensionBee is up 22 per cent on March last year.
The coronavirus pandemic has plunged the world into chaos, as countries around the world go into lockdown more and more businesses are facing uncertain futures.
Saving and investment app Moneybox recently announced a partnership with fintech mortgage lender Habito, as well as launching its greatly-anticipated personal pensions product, almost a year after first teasing it.
Following the outbreak of Covid-19, Moneybox said: “We’re still seeing thousands of customers signing up to our platform every week across all products, including pensions.”
While you might expect people to be holding on to their savings in this time of crisis, according to Moneybox its engagement level is still high with 20 per cent of its 400,000 customers logging into the Moneybox app every single day.
A spokesperson for the fintech said: “We’ve had more enquiries from customers about what’s happening and how this affects their investments. We know that riding the ups and downs of markets can be hard, so we’ve posted articles and reminders in the app.”
Even though we are on the brink of a worldwide recession, PensionBee has been able to breathe a small sigh of relief.
Despite this being an uncertain time for long-term savers, especially those counting down the days to retirement, PensionBee has seen a 22 per cent increase in new customers in March 2020 compared to the same month last year.
Romi Savova, CEO of PensionBee, suggested that the jump in customers could be from “people using the extra time they have on their hands to get on top of their life admin and organise their finances.”
Savova also remarked that as one of the very few fully-digital pension providers, PensionBee is still able to “help anyone looking to consolidate their pensions during this time in exactly the same ways we always would.”
So while the rest of the world moves to hunkering down and working from home, for PensionBee it appears to be business as normal—picking up a few more customers along the way.
So, you might be left asking what does coronavirus mean for the world of savings and investments?
Both fintechs have, so far, seen a positive impact on their business, however, we don’t yet know the full extent of the economic downturn we are currently facing and whether or not the coronavirus could make or break the digital savings and investment universe.