Mobile Banking Trends Likely to Continue After Crisis Ends

According to Fidelity National Information Services (FIS) there was a 200 percent jump in new mobile banking registrations in early April and mobile banking traffic rose by 85 percent; the increased volume has put some stress on banks systems, “What we are seeing are some hiccups related to an increase in demand from Covid-19 across a lot of the industry,” said Brandon Larson, Managing Director at Novantas, to CNBC; the stimulus checks was one of the biggest drivers of the surge as customers who usually check their accounts a few times a week were now checking a few times a day; a recent survey by Novantas says that only 40 percent of people will return to branches after restrictions are lifted; the shift has forced banks to think quickly and create new products to better serve customers who now need all functions on their mobile device or computer; banks and fintechs have also started hiring aggressively to keep up with demand and to help build new products. CNBC