COVID-19 has become a catalyst for an acceleration amongst the everyday banking customer. ValuePenguin data shows 71% of US banking customers now regularly use online banking.
What’s more, footfall in the branch has dipped, as customers stay away from personal contact with others. Novantis reported branch traffic falling 30% month-on-month across the US in 2020.
This shift can be seen as a win for fintechs and banks trying to push their users online and mobile. US Bancorp CEO, Andy Cecere, says his firm intends to close up to 15% of its branches as a result.