Boston, June 9, 2020 – Over the last decade, U.S. FIs have been focused on migrating consumers from the higher-cost physical distribution points—branches and call centers—to digital channels—online and mobile. While many consumers crown digital as their everyday banking channel, many FIs still struggle with migrating certain banking activities. The COVID-19 pandemic has changed the way consumers interact in every area of their lives, and consumers will become digital-first regardless of generation, whether FIs are ready or not.

This Impact Report explores digital banking and payment adoption, what channels customers use to perform banking activities, and the reasons why consumers use branches and call centers instead of digital. This report is based on a Q1 2020 Aite Group survey of 2,413 U.S. consumers 24 years of age or older.

This 39-page Impact Report contains 33 figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.