The best fintech services and offerings for businesses and consumers during COVID-19

With the unprecedented changes to the workforce, business closures, and sudden cuts to finances, organisations and consumers alike have had to adapt fast to meet the demands of the current climate.

Many fintech companies have been quick on the uptake and have recognised new needs for their impacted customers, providing free services, discounted access to their platforms, or new offerings to help tackle the business effects of COVID-19.

Below is a list of some of the best services and products to help businesses and individuals continue to manage their finances throughout the pandemic:

Starling Bank

To help those who are vulnerable and high-risk during the pandemic, Starling Bank has launched a new debit card which will allow a trusted person to buy essential items on the behalf of the vulnerable customer. The ‘Connected Card’ allows customers to link a second debit card to their existing account. The trusted person can use the spare card to purchase items without needing IOUs, cheques, bank transfers or cash handling. There is also no need to swipe the card or provide any bank details in order to make a purchase, making it easier for those in need to get essential items without putting themselves at risk.

Airwallex

The global business payments platform has waived its FX and payment fees for the next two months for UK and Australian customers impacted by the pandemic, to help businesses in need continue to operate internationally. Using smart cross-border payment technology, Airwallex provides businesses with a global account to collect, hold and transfer payments to over 130 countries, without any hidden charges, helping organisations to scale all over the world.

Hastee

Hastee is an earnings on-demand platform giving workers access to a portion of their earned pay, at their own convenience. Given the current climate, a broad swathe of the British public feels their personal cashflow is under significant pressure. As an act of support, Hastee has waived all transaction fees for the next three months for all customers, and 6 months for NHS workers so that all workers – regardless of their job situation – can access their wages as soon as they need to. Hastee is leading the emerging earnings on-demand category in the UK and already supports 100,000 employees working for the NHS, care homes, manufacturing, food supply chain and hospitality sectors.

Digit

Digit is an AI-powered financial tool that automates your savings, monthly bills, loan repayments, and more. Digit has released a Coronavirus Relief Hub for members and non-members alike to access helpful and pertinent information around personal finance, home and utilities, debt and taxes, and more.

Autobooks

Autobooks offers an integrated suite to small businesses that can be easily integrated with existing digital banking channels, and helps small businesses get paid “at a distance”. Autobooks is working with one of its online banking vendors in order to pre-enable its upcoming app to launch quicker, in order to help SMEs get paid faster and not be left behind during this troubling time. Currently, its team is also offering 24/7 SME business onboarding.

Horizn

Working with the likes of HSBC and Nationwide, Horizon trains global financial institutions to make sure both customers and employees understand and know how to use digital banking. During this period, Horizn is providing a discounted short-term license package of its cloud-based Customer Digital Platform and Digital Demos. Banks signing up to the license will be up and running within 2 weeks and be able to host Digital Demos of key online and mobile journeys, to help their customers gain the confidence to move towards banking digitally.

Author: Eleanor Hazelton

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