Banking Fintech News

COVID-19 Is Rapidly Reshaping Consumer Banking and Payments Behaviors, New FIS Survey Finds

COVID-19 Is Rapidly Reshaping Consumer Banking and Payments Behaviors, New FIS Survey Finds

The COVID-19 pandemic and government measures to slow its spread are altering the way Americans bank, pay and shop on an unprecedented scale and with rapid speed, according to a survey released by financial services technology leader FIS.

Read More: Healthfully and Paya Deliver Expanded Patient Care and Payments Through New Partnership

FIS surveyed more than 1,000 American consumers about the ways they are paying and banking amid social distancing and stay-at-home actions taken across the U.S. since the COVID-19 outbreak. The findings indicate that the pandemic has accelerated the digital transformation of banking and commerce, and that these adjustments likely will not be temporary but rather mark a new normal in consumer behavior in a post COVID-19 marketplace.

More than 45 percent of banked respondents stated they have changed how they interact with their bank since the outbreak of the pandemic. These findings were true across all generations surveyed, with 46 percent of Baby Boomers, 39 percent of Gen Xers, and 35 percent of Millennials saying they are using new channels such as online and mobile to do their banking.

Read More: SIMON Markets LLC and Raymond James Launch New Strategic Partnership for Annuities

The FIS survey also found that consumers are flocking to mobile wallets and contactless payment methods to avoid the exchange of paper money or checks during the current pandemic. Forty-five percent of survey respondents said they are using a mobile wallet of some type and 16 percent indicated they are now using paper-based currency less than before the pandemic. Additionally, 31 percent of respondents said they would use contactless or mobile wallet payments instead of cash and checks in the aftermath of COVID-19.

Read More: Abrigo Adds Transparent Artificial Intelligence Scenarios, Direct File to FinCEN to its Financial Crime Prevention Software

Related posts

Kart Racing League by Blue Monster Games Inc. Announces listing on BitMart Ahead of Game Launch

Fintech News Desk

Rocket Companies Makes Leadership Changes Across Several Businesses, Increasing Connectivity Throughout the Platform

Fintech News Desk

Payments Veteran Stephanie Ferris Rejoins FIS Executive Team

Fintech News Desk
1