Customer Service

3 Banking Habits Changed By COVID-19

Mobile App Increase, Paying Less And Lack Of Trust Seen

Keith Griffin

April 3, 2020

A man holds a smartphone and dollar bills.

A new study out shows three compelling statistics from bank customers and credit union members during the current COVID-19 pandemic. Mobile engagement is up, credit card payments are down, and consumers don’t trust their financial institutions.

The banking newsletter The Daily Slate reports on a survey released by MX, a Utah-based technology company. MX says in a blog post, as people start to prioritize their savings and reassess their spending, we’re seeing a spike in digital trends.”

The first trend, according to the Slate, is a 50% increase in consumer engagement on mobile banking apps since December, when the new coronavirus was first identified in China. There’s been a spike since social distancing became the norm.

The Daily Slate says a more worrisome statistic MX uncovered is that the amount consumers are putting toward paying off their credit cards decreased by more than 25% in the last two weeks. They see that as a sign people might be hoarding their money.

The MX report also observes the third critical point is it’s surprising to see that nearly 60% of people say that their primary financial institution doesn't help them become financially stronger.

Read more about these and other trends from the MX report.

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