Yiannis Faf, CEO, What We Want
The spread of coronavirus has caused an incredible amount of disruption to lives and economies worldwide. The British Government has taken far-reaching steps in an effort to minimise the impact on the UK in both regards, by encouraging the population to practise isolating.
Such a massive overhaul of day-to-day life will come as a shock to many. However, for non-key workers who are staying at home, there are many things that can be done to allow life to still feel normal. Spending time on Facetime, Zoom on in WhatsApp groups, for example, can allow you to stay connected.
In terms of finance, self-isolation provides its own host of challenges and opportunities. With the help of tech, those staying at home should be able to successfully combat or maximise on these.
Here are five ways we can use tech to overcome financial challenges during self-isolation:
First and foremost, COVID-19 is affecting people’s finances and the way they manage them. With consumers unable to visit their local bank branch or speak to an advisor in person, many will be concerned about financial management. However, technology is on hand to offer a bit of reassurance throughout this testing time.
Money management applications can be useful throughout this process. Mint, for example, is an application that collates all your income, expenditure and other any other important finance information, helping to outline your overall financial position.
For some, self-isolation might inspire a large financial overhaul, and prompt an investigation into digitally-oriented ‘challenger banks’ like Monzo or Revolut. Whilst these banks might seem targeted at younger people, they offer an incredibly streamlined way of managing your money, thanks to their well-designed and easy to use mobile apps and online platforms. For example, every time a purchase is made, an account holder will receive a notification and their app will be updated, ensuring they are able to easily track their expenditure. In a period of economic uncertainty, that’s certainly a major upside.
- Switching providers
With more time on our hands, many consumers will consider reviewing the costs of their major outgoing. This includes switching providers.
There are many comparison websites that provide a clear breakdown of the options available. Here, the various products, benefits and charges of different firms will usually be clearly laid out, allowing consumers to find the best option to suit their needs and make an informed financial decision.
- Bargain hunting
At a time when we are unable to visit bricks and mortar stores, we are forced to shop online. With these changes comes an added benefit – it is easier to find the best deal.
Whether it is toiletries, groceries or clothing, online shopping enables consumers to quickly scan multiple retailers to find the desired product at the best price. This could result is further cut-backs in ones expenditure.
- Small acts of kindness
Here’s another, more heart-warming idea. Technology can go a step beyond aiding an individual’s personal finance and can be used to help others within the community.
In the midst of the COVID-19 pandemic, crowdfunding apps are being used by local communities to raise money for worthy local causes. These causes can be of any size; from raising money to help a local retailer stay in business, to a supermarket shop for a vulnerable neighbour. Demonstrating small acts of kindness has never been more important to boosting the morale of communities, and it certainly is encouraging to seeing technology facilitating this.
At WhatWeWant we have seen use of our crowdfunding app increase notably over recent weeks for this very reason. Even though we are separated physically, using crowdfunding technology – and social media to share funding campaigns – can help direct cash to great causes.
To that end, during the Coronavirus pandemic WhatWeWant is donating all fees, including payment provider fees, to the National Emergencies Trust. We do not want to profit from people using our app for such worthwhile reasons. What’s more, we can also use this money to support a vital charity that is doing great work to help people through this crisis.
Finally, technology can do more than simply help improve your finances when in self-isolation; it can also protect you. When going to the shop, for example, using a contactless card saves you from touching the receiver, thereby minimising the spread of the virus.
Moreover, cybersecurity and fraud detection measures are stronger than ever – with people managing their finances and shopping online more than ever during this period, this is an important point. We can rest easier knowing the banks and retailers are putting more robust measures in place to protect our finances.
There is no doubt that we are currently living in unprecedented times. However, for those looking to improve personal finances, or indeed help vulnerable people within the community, technology undoubtedly offers some much-welcome comfort throughout this difficult time. We must embrace this during this difficult time.
Yiannis Faf is co-founder of the crowdfunding app, WhatWeWant. The app, which allows users to upload what they want for an upcoming event for themselves, or someone else. Users can contribute to what their friends and family want as well as notifying them to contribute to whatever you have uploaded. Once enough has been raised, users simply use the money. During the Coronavirus pandemic, WhatWeWant is donating all fees, including payment provider fees, to the National Emergencies Trust.