40% of People Report They No Longer Physically Go to Their Bank – Interview
The banking world has seen its fair share of COVID-related changes over the last year. Invisibly recently surveyed 1000 people to get a better understanding of banking habits during the pandemic. Their Realtime Research™ survey ran from January 13th – 18th 2021, revealing that by and large, we’re not banking the way we used to:
- 40% of people report no longer going to banks, and 70% either rarely or never go
- 78% of people go to banks 2 times a month or less
- 52% of people never or rarely withdraw money from ATMs
- 33% of people log in and review their online banking daily
Invisibly Realtime Research™ Head of Product, Dr. Don Vaughn, was able to carve some time out for Michigan Mama News and answer questions and explain the survey and the surprises he saw from it.
Cynthia: Tell us about the latest Realtime Research™ survey and who did it encompass?
Dr. Don Vaughn: “Our Banking survey was not targeted towards any specific audience group or demographic group. It was served to Americans at large on the web. We received responses from 875 people.”
Cynthia: What points in the survey stood out for you and why?
Dr Don Vaughn: “What I found interesting was that while there’s a strong mix of people who do mostly online banking and still go to a physical bank, the majority of those who do mostly online banking do not have a savings account, have not asked for financial advice from their bank, and they look at their bank statements less often than those who go to a bank. It is interesting because it shows us that those who go to the bank might have better money habits and more money options because they are more likely to save or ask for advice, potentially putting them in a better financial position than those who do mostly online banking.”
Cynthia: Were the results of the survey surprising for you?
Dr. Don Vaughn: “It was not a surprise that 40% of people surveyed do mostly online banking – we are in the middle of a pandemic. Similarly, the majority of respondents rarely take money out of an ATM. This is not surprising as contactless payments and card payments pass through less hands than cash which prevent the spread of germs. What is surprising is that out of the people surveyed who use online banking, most of them don’t view their online statements and many don’t have savings accounts. The goal of being able to do online banking is to give people more control over their finances, but it seems people are taking less advantage of everything available to them to manage their money. When you think about the difference in behavior between those who go to banks and those who don’t – it isn’t all that surprising that those who go to the bank ask for advice and are more likely to have a savings account. Digital banking is still evolving and eventually, you might see consumer behavior change, but if you actually go to a bank it makes sense you are more likely to seek advice.”
Cynthia: Going forward, do you perceive a change in banking habits?
Dr. Don Vaughn: “Yes, I think with the rise of cryptocurrencies, contactless payments, open banking, and other innovations we will see creative banking solutions come to the general public. We already have seen a fintech boom in the past decade. I think consumer habits might change as people learn more about money and banking through new products and what works best for them.”
Cynthia: Where can readers go for more information and to also see the results of the survey?
*Invisibly Realtime Research™ surveys differ from traditional online surveys in that the questions are shown to the user on web pages in place of an ad. Realtime Research™ surveys are optional and do not block content (like Google Surveys do), thus ensuring that participants are responding voluntarily.