Provident Bank Study Shows Digital Banking Still the Banking Method of Choice by Consumers
Post-pandemic, consumers still prefer ease and convenience of digital banking
ISELIN, NJ, June 15, 2021 (GLOBE NEWSWIRE) — Provident Bank, a leading New Jersey-based financial institution, recently announced the results of an online survey of 600 U.S. consumers conducted in May 2021. As businesses begin to return to normal, the results of the survey help shed light on the current banking preferences of consumers.
The majority of respondents surveyed (91%) stated they conduct banking through digital channels. More than half of those consumers (53%) said they switched to digital banking as a result of the pandemic. Additionally, 87% of consumers say they are very satisfied or satisfied with the digital/mobile banking options available to them, and 63% say they use their mobile banking app often.
“At Provident Bank, we’re constantly evolving to suit the needs and banking trends of our consumers,” said John Kamin, Executive Vice President, Chief Information Officer, Provident Bank. “With the current influx of digital banking customers, we’ve made sure to provide a digital experience that is fast, secure, and most importantly, convenient. Whether they’re banking from the comfort of their home via our mobile app or stopping by one of our branches to speak with someone in person, our customers can rest assured that at Provident, banking always revolves around them.”
Additional findings from Provident Bank’s survey include:
- Of consumers using digital banking, 55% use mobile banking and 45% use desktop/online banking.
- The most commonly used features of mobile apps include:
- Viewing bank statements and balances (30%)
- Depositing checks (26%)
- Paying bills (23%)
- Transferring funds between accounts (14%)
- 83% of respondents have a bank account linked to a mobile payment app like PayPal, Venmo, or Apple Pay with PayPal being the preferred payment app (67%).
Although respondents surveyed currently prefer online banking to traditional in-branch banking, there is still an impressive number of consumers (58%) visiting their local bank in person. 44% of those respondents said they only visit traditional branches in person to handle a transaction that cannot be completed online, however, 25% said they visit the branch because they prefer face-to-face interaction.
“While many of our customers have converted to digital banking, our studies show that 58% still visit traditional banking branches often or sometimes. Being able to cater to both the digital and in-person consumer is incredibly important to us,” said Vito Giannola, Executive Vice President, Chief Retail Banking Officer, Provident Bank. “As we shift our branch practices to accommodate the ever-changing retail landscape, our priority is and will always be to create a convenient and best-in-class banking experience for our customer.”
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ABOUT PROVIDENT BANK
Provident Bank, a community-oriented financial institution offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $13.13 billion as of March 31, 2021. With $10.30 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania and Queens County in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, SB One Insurance Agency, Inc. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).
CONTACT: Gabrielle Costello Provident Bank 484-432-4912 [email protected]
