We look at what's going on in the world of FinTech

Report finds 77% of consumers feel anxious checking banking apps as cost-of-living challenges bite

FinTech North / 17th January 2023

FinTech North and digital transformation leaders, GFT Group have worked in partnership throughout 2022, with GFT supporting several events. GFT has recently expanded its UK presence in Manchester and is involved in the FinTech ecosystem in the North

GFT Group has released research into consumers’ opinions towards the digital capabilities of British banks in their latest Banking Disruption Index. We think this report should be relevant to anybody interested in the latest consumer habits, behaviours and attitudes in financial services.

GFT | Manchester Digital

The research indicates that banking customers are feeling increasingly apprehensive about checking their finances.

  • Three in four Brits feel anxious when checking their mobile banking app and more than half want their banks to be more proactive in contacting them if they’re heading towards financial distress
  • 86% of those aged 16-25 and 25-35 admit to feeling anxious when checking their finances on their banking app, alongside a further 87% of 35-44 year-olds.

Customers also think their banks should offer more budgeting tools on their apps and mobile banking to help them keep on top of their finances.

  • The most popular tools customers wanted were options to flag upcoming bills and whether they had enough money to cover them (26%).
  • Daily / weekly insights into where their money has been spent (22%).
  • Instant notifications after spending (21%).

“Our data tells us that consumers want more tools to help protect their money this winter. People are facing a difficult start to 2023 financially and banking apps must incorporate more budgeting features to help in every way possible.” – Richard Kalas, Client Solutions Director, Retail Banking at GFT UK

To check out the full report, including more insightful statistics and thought-leading research,  click the link here.

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