A study by the provident bank shows that the digital bank remains the

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ISELIN, NJ, June 15, 2021 (GLOBE NEWSWIRE) – Provident Bank, a leading New Jersey-based financial institution, recently announced the results of an online survey of 600 U.S. consumers in May 2021. So As businesses begin to return to normalcy, the survey results help shed light on current consumer banking preferences.

The majority of respondents (91%) said they do banking transactions through digital channels. More than half of these consumers (53%) said they switched to digital banking in the wake of the pandemic. In addition, 87% of consumers say they are very satisfied or satisfied with the digital / mobile banking options available to them, and 63% say they often use their mobile banking app.

“At Provident Bank, we are constantly evolving to meet the banking needs and trends of our consumers,” said John Kamin, executive vice president, chief information officer, Provident Bank. “With the current influx of digital banking customers, we’ve made sure to deliver a fast, secure and, most importantly, convenient digital experience. Whether they are banking from the comfort of their own home via our mobile app or stopping by one of our branches to speak to someone in person, our customers can rest assured that at Provident, banking operations still revolve around them.

Additional results from the Provident Bank survey include:

  • Of consumers using digital banking, 55% use mobile banking and 45% use desktop / online banking.
  • The most commonly used features of mobile apps include:
    • View bank statements and balances (30%)
    • Check deposit (26%)
    • Pay bills (23%)
    • Transfer of funds between accounts (14%)
  • 83% of respondents have a bank account linked to a mobile payment app like PayPal, Venmo or Apple Pay, with PayPal being the preferred payment app (67%).

Although respondents currently prefer online banking over traditional in-branch banking, there is still an impressive number of consumers (58%) who visit their local bank in person. 44% of these respondents said they only go to traditional branches in person to handle a transaction that cannot be done online, however, 25% said they go to a branch because they preferred face-to-face interaction.

“While many of our customers have converted to digital banking, our studies show that 58% of them still often or sometimes visit traditional bank branches. Being able to respond to both the digital consumer and in person is extremely important to us, ”said Vito Giannola, Executive Vice President, Director of Retail Banking, Provident Bank. “As we change our in-branch practices to adapt to the ever-changing retail landscape, our priority is and will always be to create a convenient, top-notch banking experience for our client. ”

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ABOUT THE PROVIDENT BANK

Provident Bank, a community-driven financial institution offering “an engagement you can depend on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE: PFS), which reported assets of 13, $ 13 billion as of March 31, 2021. With $ 10.30 billion in deposits, Provident Bank offers a full range of financial products and services through its branch network in northern and central New Jersey, as well as in the counties from Bucks, Lehigh and Northampton in Pennsylvania and Queens County in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, SB One Insurance Agency, Inc. For more information on Provident Bank , visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).


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