COVID-19 Pandemic Triggers Spike in Online Banking; 91% of Americans Bank Virtually in July

CHARLOTTE, N.C., Sept. 4, 2020 /PRNewswire/ -- Five months after most of the United States entered a pandemic-related lockdown, consumers and businesses alike are still adjusting to the new normal. Most banks have modified their services, hours and availability to adhere to pandemic rules and guidelines. In turn, customers have had to change up their banking habits. In fact, a new DepositAccounts survey found that most consumers are visiting their bank branches much less lately and turning instead to mobile banking apps or websites.

Key Findings:

• Over the last 30 days, 91% of Americans banked virtually, completing at least one banking activity online or on a mobile app. These activities ranged from checking account balances and depositing checks to sending money to peers.
• While baby boomers (81%) and members of the silent generation (86%) have adapted to remote banking, perhaps unsurprisingly, they've done so to a lesser extent than younger generations.
• Just over four in 10 consumers said they're using their bank's mobile app more often than they did prior to the pandemic.
• Across generations, this change was most noticeable in Gen X, with 57% now using their bank's mobile app more often.
• Americans with higher household incomes use a mobile app to do their banking more often than those who earn less.
• Over half — 52% — of consumers are visiting physical banks less often amid the coronavirus pandemic. Meanwhile, 36% have made no change to the frequency of their physical bank visits during the pandemic, and about 7% are visiting their bank branches much more often.
• The silent generation and millennials had higher rates of respondents visiting physical branches much less often, as did baby boomers.
• Additionally, about half of respondents (49%) said they would be happy never going to a physical bank branch ever again, while just under 10% strongly disagreed with that sentiment. Baby boomers and the silent generation were more likely to disagree.

"It's clear that the pandemic has forced both the young and old into remote banking as branch access has been restricted in many areas," said Ken Tumin, founder of DepositAccounts. Tumin notes that while remote banking may diverge from many consumers' usual habits, it offers the ability to manage your bank account without any of the health risks currently associated with visiting a branch. "That's especially important to baby boomers and the silent generation, who are more at risk from COVID-19," he said.

To view the full report, visit: https://www.depositaccounts.com/blog/online-banking-spikes-amid-pandemic.html.

Methodology

DepositAccounts commissioned Qualtrics to conduct an online survey of 1,010 Americans, with the sample base proportioned to represent the overall population. We defined generations as the following ages in 2020:

• Gen Z as ages 18 to 23
• Millennials as ages 24 to 39
• Gen X as ages 40 to 54
• Baby boomers as ages 55 to 74
• Silent generation as ages 75 and older

The survey was fielded July 24-26, 2020.

About DepositAccounts

DepositAccounts.com is the largest and most comprehensive online publication in the U.S. dedicated to banking and deposits product information for consumers. It covers every federally insured bank and credit union and utilizes its patented technology to track approximately 275,000 consumer deposit rates, each updated nightly. The site features more than 11,000 editorial articles detailing depository strategies and highlighting current bank rates and offers. It is also home to one of the largest communities of depositors on the Web, hosting more than 100,000 comments, customer reviews, and forum threads.

Media Contact:
Nancy Jones
[email protected]

SOURCE DepositAccounts.com

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