PROVIDENCE – The pandemic continues to push consumers and businesses into digital banking, with more bank customers turning to screens for their finances than a year ago, according to a new survey from Citizens Bank.
The second annual Banking Experience Survey published Dec. 7 shows that 90% of consumers use digital banking channels, up from 85% when the first edition of the survey came out in July 2020. Among businesses, 86% now use some form of digital banking, up from 71% in the prior year’s survey.
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A majority plan to keep using virtual banking well after the pandemic, with 70% saying their use of online or mobile services will be permanent, the survey found.
In fact, digital banking services are now the No. 1 factor in how customers choose their banks – more than the proximity of a physical branch, for example – according to 40% of consumers surveyed.
And despite the surge in online fraud and scams that emerged during the pandemic, consumers and businesses alike are increasingly comfortable with and trusting of digital banking options after using them over the last year and a half. Nearly 80% of business customers reported feeling more comfortable doing their company banking online, while 82% said they feel comfortable sharing information with their banks. Fewer retail consumers – 65% – shared that sense of comfort, but both business and consumer customers were more comfortable than when asked this same question in the prior year’s survey.
Other findings included:
- Two-thirds of retail and business customers still prefer human interaction for financial advice or more-complex transactions.
- More than half of consumers expect banks will use artificial intelligence and big data in the future.
- More than 8 in 10 businesses felt their banks supported them through the COVID-19 crisis.
The report reflects feedback from more than 1,000 consumers and 260 business leaders who responded to an online survey between Oct. 22 and Nov. 4.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
