Covid-19 Fintech Watch: Digital banks reassure customers | P2P under pressure | Canadian banks close branches
via AltFi
Digital banks are publishing Covid-19 support. In the last day or so Monzo, Starling, Tide and Revolut have put guidance on their websites for customers affected by Covid-19.
“We’re keeping an eye on the number of questions you’re asking us about coronavirus, so we can make sure we have enough staff in the right areas to help you,” wrote Monzo’s vulnerability manager Natalie Ledward.
“Over the next few days and weeks we’ll publish advice on how to help stay safe from fraudsters who are using the coronavirus outbreak to scam people,” added Starling in its advice, noting a rise in the number of scams its customers are reporting.
Tide’s CEO Oliver Prill said the fintech was following all the news on government grants, aid and loans to businesses, and wrote: “We’re in touch with the authorities and as soon as we know the details, we’ll publish information about how you can access this help.”
Canadian banks are closing branches. According to Finextra Canadian banks have started shutting physical branches in response to Covid-19.
“The banks – Bank of Montreal, CIBC, National Bank of Canada, RBC, Scotiabank and TD – are encouraging customers to use other channels, including online and mobile banking, ATMs and phone banking,” writes Finextra.
While we haven’t seen UK bank branches shutting yet, it’s certainly something to look out for over the coming days.
Investors rush to get peer-to-peer cash back. Both The Times and The Telegraph are reporting that investors are seeing ever-longer waits to withdraw cash from marketplace lending platforms.
AltFi first reported last week that Assetz Capital had introduced a queuing system to slow the rate of withdrawals on its platform.
Now RateSetter, Growth Street and Zopa are reportedly among the platforms where investors are facing delays as more of these systems are introduced.