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.
- 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.
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.