Consumer and business lending during COVID-19

COVID-19 has had an unprecedented impact on our lives and it has caused significant economic hardship.

Banks in several countries are offering deferred payments on credit cards, loans and mortgages for consumers and businesses facing hardship due to COVID-19. UK Finance reported that financial providers granted 1.6 million payment holidays as of 24 April 2020.

COVID-19 has increased the financial industry’s focus on digital offerings and increased demand from consumers to use them. With bank branches shut and long waiting times for phone support, even previously nervous digital users have turned to these channels.

Source: fintech
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