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Flagstone says its business as usual despite a doubling in demend for its services


UK-based smart cash platform Flagstone has seen a doubling in demand since the Covid-19 crisis began but insists its ‘business as usual’. And the company says it has adequate capacity to welcome even more new customers – despite the recent increase.The announcement follows significant growth of the challenger brand, and  its ‘one application, many banks, multiple accounts’ proposition. 

Early on in the crisis Flagstone successfully adapted to a working from home operation, which it says has enabled the business to cope with higher than anticipated demand, maintaining its service levels throughout.
Meanwhile many banks have been reducing their product portfolio in the market, encouraging savers to look for better deals for their cash deposits.
Chief Marketing Officer Eylem Yangin says: “Although the initial post-lockdown spike is behind us, we still see a persistent level of elevated demand and interest in our cash deposit platform. Cash remains a core asset, despite falling interest rates. Our savers are focused on the security of their cash deposits, and they have come to Flagstone because our ‘many banks’ offering maximises the FSCS protection available to them.”
“Since the lockdown many Flagstone customers experienced some degree of difficulty in making bank transfers to deposit it with Flagstone.  The crisis has impacted particularly on the authorisation process for high value transfers, historically facilitated by visits to the branch. Yet despite these obstacles, we are still seeing sustained funds inflows.”
The overall trends across the Flagstones platform since lockdown are:
• A double in demand from new customers applying to the platform in March and April

• Deposits moving into shorter-duration products, such as 3-6 months’ notice, fixed-term products and Instant Access accounts.

• An overall decline in interest rates, which remain competitive 

• A steady stream of new banks joining the Flagstone platform.  

Flagstone now partners with 45 banks and offers up to 250 accounts, a number of which are exclusive to Flagstone

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