The company surveyed over 1,000 Americans about their banking and financial habits over the past year since the pandemic began
According to FIS, 1 in 5 people started using a new banking provider in the past 12 months. In fact, 33% of those who joined a new bank were looking for better benefits like higher savings yields and rewards. Meanwhile, 7% of the respondents revealed they did so to access COVID-19 relief.
The research has also found that 33% of those surveyed opted for a large national or global bank when starting a new banking relationship in the past year. Credit unions were the 2-most popular choice for consumers with 18% opening accounts at these institutions.
Besides, direct banks turned out to be a fast-emerging competitor in the banking space with 17% of respondents saying they opted for this kind of institution to do their banking.
In fact, nearly half of Gen Zers responded that they sought new banking relationships over the past year for better benefits and rewards.
At the same time, over half of Senior Millennials said they opened new banking accounts because of financial needs due to entering a new chapter in life, such as starting a new job, getting married, or moving to a new house.
According to data, 10% of both Senior Millennials and Gen Xers started using a new banking provider to participate in COVID-19 financial assistance programs.
We’ve reported that the Royal Bank of Canada introduced a new initiative for Black entrepreneurs.