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.
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.
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.