Digital Banking Behavior Could be Short Lived in the U.S.

Since the onset of the pandemic banking customers have been forced to use digital tools more than ever before; new research from Boston Consulting Group (BCG) found that 16 percent of survey respondents said they would visit bank branches less after the crisis ended; the U.S. was the lowest in terms of percentage, Norway took the top spot; Mindy Hauptman, a Partner at BCG, said to the FT that the ultimate number of people changing their behavior could be higher than the survey suggests. “What we’ve seen over time is that once people start using digital services, they have this sort of ‘aha’ moment, and they say this is great, why didn’t I do this before?” she says; banks are also looking at closing more branches, especially in cities with dozens of branches that are separated by only a few blocks; the push to be more digital is certainly getting a boost by the current crisis, though long term adoption is still to be determined. Financial Times

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