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March 23, 2021Blog Posts

One in Five Americans Started Using a New Bank Amid Pandemic, FIS PACE Study Finds

FIS

The COVID-19 pandemic has made consumers in the U.S. more adventurous in trying out new banks, according to a new study from financial technology leader FIS®.

FIS surveyed more than 1,000 Americans about their banking and financial habits in the past 12 months since the pandemic began. The results showed that 1 in 5 people started using a new banking provider in the past 12 months. Thirty-three percent of those who joined a new bank were looking for better benefits such as higher savings yields and rewards. while seven percent of consumers said they did so to access COVID-19 relief according to the survey.

Key findings

  • Large national/global banks have been the top choice for consumers searching for a new bank, followed by credit unions and direct banks.
  • Seven percent of consumers started using a new banking provider in the last 12 months so that they could participate in COVID-19 financial assistance programs.
  • Nearly half of Gen Zers who started using a new bank did so to benefit from higher savings yields, better rates, lower fees or higher rewards.
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Source

TSG’s Directory of U.S. Merchant Acquirers, sponsored by FIS, the most comprehensive report available on U.S. merchant acquirers, featuring over 8,500 data points on more than 325 companies; covering national leaders to regional ISOs.

The Directory includes a printable snapshot providing a quick reference guide for executives to review merchant portfolio statistics. Additionally, high growth acquirers that reported 10% or more growth in volume, transactions, or merchants from 2019-2020 are identified.

No other industry directory contains the level of detail provided, which is why it is utilized as a reference tool by major media and payments players worldwide.

Download a preview | Subscriber? Download here.

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