One year on: The impact of COVID-19 on mobile banking

by Ellen Schindler, FIS

There is no denying that the COVID-19 pandemic has disrupted our lives and changed everything about how we go about our day to day business. How we work, how we play, how we educate, how we dine and so much more. But it has been particularly impactful on how we bank.

Almost from the start, the pandemic changed dramatically how we pay our bills and shop for necessities – in essence how we make, save and move money. Last year at the onset of the crisis, when COVID related stimulus payments began to make their way to consumers, FIS reported on some interesting trends concerning the pandemic and how it was affecting our banking habits.

  • In early April, new mobile banking registrations jumped approximately 200% over the daily average. in March. Consumers continued to sign-up for mobile banking, as the weekday average between April 6 through April 15 was over double March’s daily average.
  • By mid-April, new mobile banking registrations peaked and were roughly 207% higher than the daily average.

 

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