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COVID-19 pushing consumers toward mobile banking, online shopping

Published

May 13, 2020

The COVID-19 pandemic is driving U.S. consumers toward mobile banking and digital payments, according to a study by payments firm FIS. 

The study reveals 45% of banked respondents have changed how they interact with financial institutions, with 46% of Baby Boomers, 39% of Gen Xers and 36% of millennials now using mobile or online banking, according to a press release.

"The impact of COVID-19 has rapidly accelerated trends that we have been seeing for years in terms of banking and digital payments," Mladen Vladic, general manager, loyalty at FIS, said in the release. "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."

The study shows 31% of respondents would be using contactless or mobile payments instead of cash due to COVID-19.

Other key findings include the following: 

  • 40% would shop online rather than in-store in the future.
  • 38% would rely on food delivery services or take-out due to the coronavirus.
  • 65% could not reach their financial obligations more than six months.