Banking Trends That Are Here to Stay

More than ever, customers are turning to online banking to pay bills, transfer funds, and handle transactions they would have visited a branch for just a few months ago.

Baby Boomers, the generation most reluctant to have downloaded their bank’s mobile app, have embraced online banking in record numbers. Shortly after businesses were ordered closed, The Senior List found 77% of older Americans had conducted a financial transaction online.

This embrace of mobile banking is one of the banking trends that is here to stay, says an article in Forbes.

“It’s not just Boomers who are swiping right on online banking,” says Forbes. Citing a Boston Consulting Group survey conducted in June, the article notes that in the first three months of the pandemic 44% of 18-34 year olds enrolled for the first time in online or mobile banking.

Overall, Fidelity National Information Services, a service provider to the banking industry, reported new mobile banking registrations increased by 200%, and mobile banking traffic increased 85%.

“Once customers experience the convenience of mobile, they very well may never go back to traditional banking,” the Forbes article says. The Boston Group found a quarter of the new remote banking users claim they will visit bank branches less frequently in the future or not at all.

While e-commerce has exploded during the pandemic, banks have taken steps to streamline the payment process in brick and mortar stores. Forbes says some banks upgraded physical debit and credit cards to enable tap to pay. “Consumer usage of platforms like Apple Pay and retailer deployment of embedded contactless payment terminals like Square has also reached unprecedented levels,” the article reports.

In one area that before COVID hadn’t attained much traction, fintech startups and the industry generally have seen a spurt in demand for money management tools. Though 75% of respondents to a survey reported never using a personal finance app, since the pandemic 16% have. Here, it’s Gen Z and Boomers that are more aggressively turning to these services. A SYKES survey reported 23% of Gen Z and 18% of Boomers said they were new users to personal finance and budget apps.

“Fintech is an ever-evolving landscape — and it’s one that the pandemic has sent shock waves rippling throughout,” says Forbes, which concludes on this note: “Thanks to fundamental shifts in the way consumers perceive and depend upon digital finance tools today, these fintech trends just may stick around long after people have holstered their hand sanitizer.”

What It Means to Be a Leader During a Time of Crisis
General Interest Leadership + Management Worklife

What It Means to Be a Leader During a Time of Crisis

Mid-Life Crisis? Consider a Mid-Life Career Switch
Accounting + Finance General Interest Information Technology Leadership + Management Worklife

Mid-Life Crisis? Consider a Mid-Life Career Switch

Lawyers Look to Move Firms to Keep Remote Work
Legal Support

Lawyers Look to Move Firms to Keep Remote Work

Is the Hybrid Workplace Sustainable?
Worklife

Is the Hybrid Workplace Sustainable?

Bank of America, Competitors to Raise Pay
Financial Services

Bank of America, Competitors to Raise Pay

Class of 2021 to Enter Job Market
Financial Services Healthcare Information Technology Marketing Technology Professional Support

Class of 2021 to Enter Job Market

Pharmacies Are Entering the Mental Health Market
Healthcare Pharma

Pharmacies Are Entering the Mental Health Market

Pandemic Challenges Create New Opportunities for Virtual Career Development
Worklife

Pandemic Challenges Create New Opportunities for Virtual Career Development

America’s New Tech Hubs
Information Technology

America’s New Tech Hubs

How to Recognize if a Manager Is Right for You
Worklife

How to Recognize if a Manager Is Right for You

Green Key Resources is Hiring!
Accounting + Finance Architecture + Engineering Creative Financial Services Healthcare Human Resources Information Technology Legal Support Marketing Technology Pharma Professional Support

Green Key Resources is Hiring!

How to Think Like a Lawyer
Legal Support

How to Think Like a Lawyer

3 Questions to Unlock Your Authentic Career
Creative Worklife

3 Questions to Unlock Your Authentic Career

Businesses Rethink “Necessary Travel”
Worklife

Businesses Rethink “Necessary Travel”

YOLO Is Sparking Riskier Career Moves
Worklife

YOLO Is Sparking Riskier Career Moves

21 Ways to Celebrate Earth Day Today & Beyond
Architecture + Engineering Worklife

21 Ways to Celebrate Earth Day Today & Beyond

Want to Feel More Connected? Try Some LOLs
Leadership + Management

Want to Feel More Connected? Try Some LOLs

In a Time of Crisis, What Makes a Good Leader?
Leadership + Management

In a Time of Crisis, What Makes a Good Leader?

The Pandemic Is Altering Data Privacy Expectations
Information Technology

The Pandemic Is Altering Data Privacy Expectations

Job Openings Hit a Two-Year High
Human Resources

Job Openings Hit a Two-Year High

Latest Blog Posts
View All Posts
What It Means to Be a Leader During a Time of Crisis

What It Means to Be a Leader During a Time of Crisis

During the early months of the pandemic, team leaders, managers, and company executives had to use cognitive reframing to build...
Read More
Mid-Life Crisis? Consider a Mid-Life Career Switch

Mid-Life Crisis? Consider a Mid-Life Career Switch

Far too often, ages and life stages are regarded as barriers to starting a new career. But the mid-life career...
Read More
Lawyers Look to Move Firms to Keep Remote Work

Lawyers Look to Move Firms to Keep Remote Work

As law firms across the country consider brining an end to remote work, some lawyers and other legal professionals are...
Read More