A new SYKES for FinTech survey finds many U.S. adults are new users of financial technologies, specifically in response to the COVID-19 global pandemic.
SYKES for FinTech’s new report, “Americans’ Digital Banking & Consumer Behavior Shifts in the Era of COVID-19,” shares insights from 20-plus questions asked of 3,000 U.S. adult consumers in June. 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.
“FinTechs have introduced transformative, easy ways for consumers to engage in mobile money management and e-commerce, and this survey report points to areas that seemed anecdotal and confirms them, while also uncovering some new and surprising consumer learnings,” said Hilary Hahn, Vice President of Emerging Brands + FinTech.
Highlights from the new report include:
● 11% of respondents who use payment apps to send or receive money say they used mobile payment apps 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.
● 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.
● 37% of respondents believe they will purchase more items online or through an app than they did before the global pandemic.
● 12% of respondents say they will only use contactless payment going forward.