Henrico Times

Capital One Bank USA National Association issued the following announcement on Nov. 10

Findings from Digital Banking Behaviors 2021, a nationally representative study of more than 2,000 Americans, reveal that while consumers are coping with new financial-related stress fueled by the COVID-19 pandemic — they are as a whole cautiously optimistic about their futures. Americans seem to be hedging their bets, however: There is a marked emphasis on savings and reducing expenses.

Consumers are additionally reliant on digital banking tools (such as a mobile application, online banking platform or another digital online tool) to plan, save and manage their finances through unprecedented times — 67% of consumers list their banking app as their most trusted financial tool. The study discovered that consumers ultimately expect banks to meet all of their financial needs, whether via digital banking tools or in-person banking. 

Americans: Optimistic, but Demanding a Comprehensive Approach

Digital banking gained significant momentum during the pandemic — half of consumers reported they prefer to leverage only digital banking tools to manage their finances. The other half, however, are looking to their local bank branches for in-person services.

In short, consumer’s financial behaviors  — similar to other areas of life — are becoming increasingly hybrid. Consumers appreciate apps and tools that allow customers to deposit a check with just their phones. They have grown comfortable paying bills with a few taps on their phone or filing for loans from their living rooms. That said, in the wake of marked social distancing, the pandemic also reminded Americans of just how much they value in-person experiences. 

Key Study Findings Include:

• Customers are optimistic about their financial futures. While the pandemic caused increased financial stress and hardships, most consumers are emerging from the pandemic with an optimistic outlook and report new attitudes around saving and managing money.
  • Consumers are navigating through pandemic-related financial stress. While most consumers (76%) report dealing with financial stress, 60% remain optimistic about their financial futures despite downturns brought on by COVID-19.
  • The pandemic inspired new financial habits. Managing through COVID-19 created a greater disposition toward savings and clearing debts. Compared with before the pandemic, 42% of consumers report they are trying to save more; 40% report they are reviewing expenses more frequently. In addition, a sizable number (25%) are taking active steps toward financial freedom.
  • While 61% of consumers report they were only somewhat confident in managing their money during the pandemic, digital banking tools are helping to close this gap. More than half (58%) of consumers report that their use of financial applications or programs has increased since the beginning of COVID-19 — and 67% of consumers list their banking app as their most trusted financial tool.

Original source can be found here.