After the pandemic, consumers still prefer the ease and convenience of digital banking
June 15, 2021
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. As businesses begin to return to normal, the results of the survey help shed light on current banking preferences. of consumers.
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.
Additional findings from the Provident Bank survey include:
- 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%).
- 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%)
While respondents currently prefer online banking over traditional in-branch banking, there is still an overwhelming 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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