[eMarketer] Pandemic redefines future of banking in US

The shift by US customers from visiting banking halls to use of mobile apps during coronavirus pandemic may create a new way of banking with majority of customers saying they would maintain that habit post Covid according to a 2021 US Mobile Banking Survey by S&P Global Market Intelligence’s as quoted by eMarketer.

The habit is more pronounced among younger generations with over 50% of Gen Zers, mIllennials, and Gen Xers having embraced use of mobile apps frequently compared to 40 per cent in seniors and baby boomers according to the survey.

Over half of the two oldest generations said that they didn’t make changes to their mobile app usage. The survey further noted that generally, nearly 52 per cent of all respondents indicated that  they had reduced branch visits since the onset of the pandemic’s onset with More than 65 per cent of them reporting that they were using mobile banking apps more often.

Close to 88 per cent of those polled and had increased mobile app usage said they would maintain or increase their frequency of app.

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