Americans’ Digital Banking & Consumer Behavior Shifts in the Era of COVID-19

SYKES
on 01/06/2020

SYKES' new report, “Americans’ Digital Banking & Consumer Behavior Shifts in the Era of COVID-19,” shares insights from 20+ questions asked of 3,000 U.S. adult consumers in June 2020. The report reveals how COVID-19 has affected, and even redefined, how U.S. consumers now approach digital banking and financial technologies — and how they predict their shopping habits will look post-pandemic.

Why was the research conducted?

In June 2020, Sykes Enterprises, Incorporated surveyed 3,000 U.S. adults to uncover how COVID-19 has affected, and even redefined, how consumers now approach digital banking and financial technologies.

How was the research conducted?

In June 2020, SYKES, through Pollfish, conducted a financial technology survey among 3,000 U.S. adults to more accurately understand their perceptions toward mobile forms of banking, payment, personal finance and investing, as well as to understand their consumer behaviors during COVID-19 and their predicted behavior when the pandemic subsides.

What are the key findings of the research?

Highlights from All Respondent Data:

Mobile Banking + Mobile Payment
15% of respondents who use mobile checking to deposit checks say they used mobile checking for the first time due to the global pandemic.
5% of respondents who use direct deposit to receive payment say they used direct deposit for the first time due to the global pandemic.
11% of respondents who use payment apps to send or receive money say they used payment apps for the first time due to the global pandemic.

Personal Finance + Investing
21% of respondents who use cryptocurrency to invest, pay, or transfer encrypted digital money say they used cryptocurrency for the first time due to the global pandemic.
16% of respondents who use personal finance/budget apps to manage their money say they used personal finance/budget apps for the first time due to the global pandemic.
21% of respondents who use investment/stock trading apps to manage their money say they used investment/stock trading apps for the first time due to the global pandemic.

Pandemic Consumer Behaviors
37% of respondents who order groceries online or through an app say they ordered groceries online or through an app for the first time due to the global pandemic.
21% of respondents who order from cafes/restaurants through food delivery apps say they ordered through food delivery apps for the first time due to the global pandemic.
12% of respondents say they have signed up for meal kit delivery services since the start of the global pandemic.
10% of respondents say they have subscribed to virtual fitness class apps since the start of the global pandemic.

Predicted Post-Pandemic Consumer Behaviors
37% of respondents believe they will purchase more items online or through an app than they did before the global pandemic.
37% of respondents say they will rely more on online or app ordering, shipped directly to their homes — and 23% say they will rely more on online or app ordering with same-day and curbside pickup.
12% of respondents say they will only use contactless payment going forward.

Full research:

Access full research
Contributor's Name: Sarah Pike
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