Fintech Snippets, Summer 2020

Covid versus Call Centers

The inability to visit physical offices, branches and stores has created a spike in consumers getting in touch with organizations via their call centers.

600% to 800% increase in call center activity

Fintech Snippets Summer: Call Centers

Cleaned up transaction data enriched with logos and map locations is an effective way to reduce the burden on the customer touch points in a banking organization

Location with MRS

20% drop in the capacity of representatives

The Covid-19 crisis has had a “double whammy” effect of increasing demand for call center services along with a loss of call center capacity. Organisations with the inability to allow staff to work from home combined with reduced staffing due to illness both contribute to the loss of capacity.

* Data provided by Pindrop

Fintech Snippets Summer: Calls Drop

Covid versus Open Banking

How lockdown has affected the use of initial payments through open banking, according to data provided by TrueLayer

Fintech Snippets Summer: Increase Open Banking

increase in the use of Open Banking for initiating payments

Increase Open Banking 2020

The initiation of payments via Open Banking had been increasing 43% month on month up until February 2020. This increased to 460% in March. Another point is that the research shows that once adopted, usage continues, perhaps demonstrating value in Open Banking.

Finally, 88% of this growth was captured by traditional banks, showing that Open Banking is not just being used by new challenger banks.

Fintech Snippets Summer: Growth and Type

* For those unfamiliar, more can be learned about Open Banking from the UK’s Open Banking organisation Web site.

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