We take a more in-depth take a look at 5 challenger banks utilizing revolutionary expertise and different strategies to help clients impacted by Coronavirus
As the worldwide Coronavirus pandemic continues, firms and people alike are struggling monetary hardships. Right here, FinTech Journal explores 5 challenger banks which are rising to the problem and throwing clients a lifeline.
Atom Financial institution
This UK-based challenger financial institution is providing a mortgage cost break of as much as three months, and loads of help for enterprise mortgage clients. Based in 2014, it was the primary fully-digital financial institution to be granted a full UK regulatory licence again in June 2015.
Together with giving clients a break on their mortgages, Atom Bank can be conserving its helplines open 8am-8pm, seven days per week. “Now we have fabulous individuals and I’m assured that we’ll iron out any service wrinkles rapidly so do please bear with us as we make the transition,” mentioned CEO, Mark Mullen, in a statement. He added: “In keeping with your expertise of Atom and our willpower to offer you the perfect help.”
Tandem Financial institution
One financial institution dedicating its deal with conserving clients totally linked throughout the Coronavirus disaster is Tandem. Its efforts embody conserving all contact channels within the UK operational, its buyer help is overtly accessible, particularly for susceptible clients, or these struggling to repay their mortgage.
In a statement launched concerning COVID-19 measures, the corporate reminded shoppers about staying vigilant in opposition to fraud in these unsure instances, stating: “We’ll by no means ask you to substantiate or inform us your bank card PIN and we are going to by no means e mail you asking for private banking particulars.”
Brazil-based digital financial institution, Nubank launched a statement concerning Coronavirus that learn: “Throughout this tough time, when there are such a lot of uncertainties, we wish to reinforce that we’re not one in every of them.”
By redirecting its advertising price range and different effectivity positive aspects for the subsequent two months it has pulled collectively a USD$three.9mn fund devoted to serving to clients by means of the disaster. “Regardless of being digital, we’re recognised by our human aspect” the assertion continued “Nubank shall be accessible, 24 hours a day, seven days per week, in chat, e mail and on the cellphone.”
Starling Financial institution
Fintech large, Starling, announced measures shall be taken to assist help people with a private checking account, together with providing a “overdraft curiosity vacation”. In-app chat and on-line banking is out there 24/7, and varied assets for help surrounding financial savings accounts, fraud and even tips for working from home effectively may be discovered on its web site.
Assist and recommendation can be overtly accessible to these with enterprise accounts – small companies and the self-employed being prone to endure probably the most on account of decreased footfall in brick-and-mortar shops, and the related cyber dangers of transferring enterprise on-line. Recommendation and assets on what the UK Authorities is providing can be overtly accessible.
Monzo Financial institution
Monzo’s ‘sizzling coral’ debit playing cards are utilized by greater than three million individuals within the UK, a buyer base few digital-only banks can match. The London-based fintech launched its personal statement to clients, providing these in want a serving to hand. Recommendation shall be accessible from specialists in three areas: monetary difficulties, susceptible clients and bereavement.
With an emphasis on supporting their very own workers, clients may be sorted effectively, “Now we have a coaching and hiring plan in place in case we have to scale up our specialist help groups rapidly”. Steerage on avoiding fraud may be discovered too, with new monetary scams rising.
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