COVID-19 Is Rapidly Reshaping Consumer Banking and Payments Behaviors, New FIS Survey Finds
May 13 2020 - 8:00AM
Business Wire
Survey Findings
- Changing behaviors in changing times: 45 percent of
banked respondents said they have changed the way they interact
with their banks since the coronavirus outbreak.
- Digital first is the new normal: 31 percent of
respondents stated they would continue to use more online and
mobile banking in the future, and 40 percent said they are likely
to shop online more than in-store.
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 today by financial services technology leader FIS™ (NYSE:
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.
Other notable survey findings:
- 40 percent of survey respondents said they will shop online
more in the future than in store
- 38 percent said they will rely on food delivery services and
take-out more often than they did before the pandemic
- 65 percent of respondents cannot meet financial obligations for
longer than six months, notably 74 percent of Millennials and 76
percent of Gen Xers say they do not have enough savings to last
longer than six months
These survey findings are consistent with internal data that FIS
has seen within its own client base. In mid-April, when the first
U.S. Federal stimulus payments were going out to American
taxpayers, FIS saw a more than twofold surge in first-time consumer
usage of mobile banking apps by its clients.
“The impact of COVID-19 has rapidly accelerated trends that we
have been seeing for years in terms of banking and digital
payments,” said Mladen Vladic, General Manager, Loyalty, FIS. “Once
consumers begin using convenient new digital services, few tend to
go back to their old habits, so we expect this to be the new normal
going forward. We are now further along on our path towards
becoming a cashless society in the U.S., and perhaps looking at the
end of the paper check altogether. These findings should be a
wake-up call for organizations about the importance of taking a
digital-first approach. Now is the time for banks and merchants to
be reassessing customer experiences.”
FIS will be hosting a webinar to share further insights on the
survey findings on June 24th. Please visit here to register for the
session.
About the data
Figures quoted are from the survey results of 1,030 consumers
across the United States between the dates April 3-5 through the
Ipsos KnowledgePanel Omnibus study.
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our more than 55,000
people are dedicated to advancing the way the world pays, banks and
invests by applying our scale, deep expertise and data-driven
insights. We help our clients use technology in innovative ways to
solve business-critical challenges and deliver superior experiences
for their customers. Headquartered in Jacksonville, Florida, FIS is
a Fortune 500® company and is a member of Standard & Poor’s
500® Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20200513005027/en/
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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