April saw a 200% jump in new mobile banking registrations, while mobile banking traffic rose 85%, according to Fidelity National Information Services (FIS). Industry watchers say the shift to online is likely to stick.
According to Fidelity National Information Services , which works with 50 of the world's largest banks, there was a 200% jump in new mobile banking registrations in early April, while mobile banking traffic rose 85%. With many branches closed and no tellers available, banks have also been dealing with a significant uptick in call center traffic, creating long wait times.
Much of the demand has been associated with stimulus checks. Americans who checked their balance once a week suddenly started checking a few times a day. Networks are often prepared for two to three times in volume, but businesses run into problems when capacity is pushed to 20 times the usual volume. "It's forced digital capabilities and capacity. It's certainly put an increased emphasis on digital banking," Larson said.
"Once people begin favoring mobile-based account access, there's no going back. After the current crisis abates and lockdown orders are relaxed, we expect more U.S. consumers than ever before will be using their mobile devices to handle a wide range of their banking and payments needs," said Maria Schuld, division executive at FIS's North America banking services group.
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