A recent survey of mobile banking customers by S&P Global Market Intelligence found that about 51% of respondents said that they were visiting bank branches less frequently due to the pandemic. Of those, more than 65% said they were also using mobile apps more frequently.
That trend is expected to continue, with about 88% of survey respondents who reported using their mobile apps more frequently during COVID-19 saying that they anticipate continuing or increasing current usage levels once the pandemic officially ends.
Younger generations were more likely to reduce branch visit frequency than older generations, according to the survey, and the proportion of younger consumers using their mobile apps more frequently was above 50%, while the percentage of baby boomers and seniors leaning more heavily on mobile apps during the pandemic was closer to 40%.
The most popular mobile app feature for new users was photo check deposit, used for the first time since the pandemic began by 24% of survey respondents, followed by account-to-account money transfer, bill payment and peer-to-peer payments, all used by more than 20% for the first time during the pandemic.