We really love data at Revolut. Like, we really love it. It informs a lot of what we do every single day, be it improving the customer experience in the app, or enhancing our own internal systems to be more collaborative and efficient.
We are not alone in our love of data. Businesses large and small across the UK use data to inform their business decisions. Equally, governments are increasingly using a variety of data sources to shape their decision making processes.
One of the challenges of Covid-19 has been the accessibility of real-time transactional data due to the decline of 'point of sale’ purchasing; a result of isolation and social distancing. Over the past few months we’ve been working with the Office of National Statistics to provide them with anonymised and aggregated transactional data so they can better understand how customers across the UK have been reacting to various Covid-19 related restrictions.
As you'll see from the graphs below; consumer spending changed drastically in recent months. These changes in behaviour, and other macro-economic factors, mean that the two main measures of inflation have risen to 1.1% and 1.0% in July from 0.8% and 0.6% in June respectively.
You can read more from the ONS by clicking on their blog post here.
Similarly, we've also been working with the Irish Department of Finance to help them better understand how the economic recovery is taking shape in Ireland as restrictions are lifted. You can see from the charts below that there are some positive signs that many areas of the Irish economy are returning to pre-lockdown levels.
We put out a regular newsletter to keep you up to date on the latest developments at Revolut, with a particular focus on the work we do in the community. You can sign up here.
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