A survey report published by FIS has revealed that the ongoing Covid-19 health crisis has rapidly altered consumer banking and payments behaviours in the US.

FIS has surveyed over 1,000 American consumers to find out about the various ways of banking and payment modes they are using amid the Covid-19 lockdown.

The survey found that the Covid-19 pandemic and the government measures to curb the disease is rapidly changing the way Americans bank, pay and shop.

According to the survey, the pandemic has digitally transformed banking and commerce at scale, and that these adjustments will remain in place even after Covid-19 ends.

Notable findings

The study revealed that over 45% of the people have changed the way they are banking amidst the current crisis.

Of this number, 46% of Baby Boomers, 39% of Gen Xers, and 35% of Millennials said they are using online and mobile banking services.

Nearly 16% of the respondents said they significantly reduced the use of paper money, while 31% said they will use contactless payments or mobile wallets instead of cash and checks post-pandemic.

Approximately 40% of the total respondents said they will prefer to shop online in the future than in-store.

38% of respondents said they will use food delivery and take-out services increasingly.

Additionally, the survey revealed that 65% of the respondents cannot meet their financial obligations for more than six months.

This figure includes 74% of Millennials and 76% of Gen Xers who cited a lack of savings as the reason.

FIS loyalty general manager Mladen Vladic said: “Once consumers begin using convenient new digital services, few tend to go back to their old habits, so we expect this to be the new normal going forward.

“These findings should be a wake-up call for organizations about the importance of taking a digital-first approach.”