pandemic 2020 information

Boost in online financial tools allows people to manage money more effectively

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dailyrecord.co.uk

people using financial tools which help them to manage their money more effectively by sharing their data securely with firms has occurred during the coronavirus pandemic, according to Experian.

The credit checking company said 57 per cent of lenders have adopted "open banking" technology in the past 12 months, helping people manage their finances in more fluid and intuitive ways online.

Open banking allows people to share information about themselves securely with providers using apps and websites, to find products and services that suit them based on their own transactions.

The number of people choosing to share their data through "open banking" technology has tripled since the start of the Covid-19 pandemic, Experian said.In February,.

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