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Demand for New Online Banking Services Accelerates and Will Continue Following Pandemic, According to New Research from Provident Bank
ISELIN, NEW JERSEY (June 25, 2020): Provident Bank, a leading New Jersey-based financial institution, announced today the results of an online survey of 400 U.S. adults conducted in February 2020. The same questions were administered in June 2020 in order to compare results, along with new questions regarding COVID-19.
Examining banking preferences, the majority of respondents (61%) said that due to the COVID-19 pandemic, they are using mobile and/or digital banking more today than they did earlier in 2020. Only 7% still don’t use digital banking, and the majority of those respondents were 54 years or older. Thirty-one percent were already primarily using mobile/digital banking.
“At this time of uncertainty, having a financial partner you can rely on has never been more important and Provident Bank is working hard to ensure we are continually meeting customers’ needs,” said Josephine Moran, Executive Vice President and Director of Retail Banking, Provident Bank. “Online and mobile banking has offered customers the accessibility and convenience that they need, and we expect this shift to digital banking to continue as people enjoy the flexibility that digital-based banking offers.”
Additional findings from Provident Bank’s survey include:
Provident Bank also asked respondents what financial institutions should do to help customers feel safe returning to an in-person branch location as they reopen following COVID-19. They selected the following as the most important:
Provident Bank plans to reopen its bank branches starting on Monday, July 6.
About Provident Bank
Provident Bank, a community-oriented bank offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $10.08 billion as of March 31, 2020. With $7.21 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 and eastern Pennsylvania. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company. For more information on Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).