mobile banking

Survey: Digital Banking Still Banking Method of Choice by Consumers

Post-pandemic, consumers still prefer ease and convenience of digital banking

Provident Bank, a leading New Jersey-based financial institution, recently announced the results of an online survey of 600 U.S. consumers conducted in May 2021. As businesses begin to return to normal, the results of the survey help shed light on the current banking preferences of consumers.

The majority of respondents surveyed (91%) stated they conduct banking through digital channels. More than half of those consumers (53%) said they switched to digital banking as a result of the pandemic. Additionally, 87% of consumers say they are very satisfied or satisfied with the digital/mobile banking options available to them, and 63% say they use their mobile banking app often.

Additional findings from Provident Bank’s 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:
    • Viewing bank statements and balances (30%)
    • Depositing checks (26%)
    • Paying bills (23%)
    • Transferring funds between accounts (14%)

Although respondents surveyed currently prefer online banking to traditional in-branch banking, there is still an impressive number of consumers (58%) visiting their local bank in person. 44% of those respondents said they only visit traditional branches in person to handle a transaction that cannot be completed online, however, 25% said they visit the branch because they prefer face-to-face interaction.

“While many of our customers have converted to digital banking, our studies show that 58% still visit traditional banking branches often or sometimes. Being able to cater to both the digital and in-person consumer is incredibly important to us,” said Vito Giannola, Executive Vice President, Chief Retail Banking Officer, Provident Bank. “As we shift our branch practices to accommodate the ever-changing retail landscape, our priority is and will always be to create a convenient and best-in-class banking experience for our customer.”

To access more business news, visit NJB News Now.

Related Articles: