People increasing contact with banks as a result of COVID-19

It’s not just our friends and relatives we are making more of an effort to contact during the coronavirus pandemic.

More through necessity than choice, we are talking to – or communicating with – our banks more with 22% of people saying they have done so since the pandemic began, according to a survey by London-based fintech Nucoro.

The main reasons for contacting their banks were overdraft-related (6%), mortgage repayment holiday requests (5%), credit card repayments (4%), taking out a new credit card or loan (3%), loan repayments (2%) and remortgating (1%).

Interestingly, 67% of the 1,000 people surveyed in the last month used mobile apps with 55% picking up the phone. Some 16% sent their banks emails with just 13% visiting their branches.

Meanwhile, 33% say that communication from their banks has increased during the outbreak with 7% saying it has decreased and 56% noticing no change.

Commenting on the figures, Nikolai Hack, Nucaro’s COO, said, “The level of knowledge and information banks have on their customers should increase and for those that are seen to rise to the challenge and really help their clients through these difficult times, the relationship will become stronger.

“Over the long-term, this should help banks market a wider range of products and services to their client base and develop new propositions. One obvious area here is around investment solutions.”