The COVID BANKING INDEX: 40% of People Report They No Longer Physically Go to Their Bank

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

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“The surprising thing about this data is that so many people are still going to physical banks, given the ongoing risk of COVID-19, and the accessibility of online banking. As trust builds in online banking, we expect to see a continued decline in the number of people visiting brick-and-mortar banks in the coming years.” — says Don Vaughn, Invisibly’s Head of Product.

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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.

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