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Society & Lifestyle

Survey shows pandemic gave a boost to digital banking

May 13, 2020

FIS surveyed over 1,000 American consumers

digital banking

Survey shows pandemic gave a boost to digital banking. Source: shutterstock.com

According to a survey conducted by FIS, the pandemic is changing the way Americans bank, pay, and shop.

The data found that coronacrisis has accelerated the digital transformation of banking and commerce. This way, over 45% of the respondents stated they’ve changed how they interact with their bank since the outbreak.

Meanwhile, 46% of Baby Boomers, 39% of Gen Xers, and 35% of Millennials are using new channels such as online and mobile to do their banking.

The survey also found that 40% of Americans are going to shop online more in the future than in-store.

Besides, 38% said they will rely on food delivery services and take-out more often than they did before the pandemic.

The impact of COVID-19 has rapidly accelerated trends that we have been seeing for years in terms of banking and digital payments. Once consumers begin using convenient new digital services, few tend to go back to their old habits, so we expect this to be the new normal going forward. We are now further along on our path towards becoming a cashless society in the US and perhaps looking at the end of the paper check altogether. These findings should be a wake-up call for organizations about the importance of taking a digital-first approach. Now is the time for banks and merchants to be reassessing customer experiences
Mladen Vladic, General Manager, Loyalty, FIS

We’ve reported that over a quarter of UK shoppers are going to spend more online after the COVID-19 restrictions are lifted. That’s why retailers with a limited or no online proposition must consider the investment to remain competitive.

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Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.