FinTech Survey Reveals Consumer Behavior Shifts Amid COVID-19

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.

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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.   

 

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