Survey Reveals Young Americans Prefer A Hybrid Digital and Human Banking Experience
CLEVELAND, Feb. 23, 2021 /PRNewswire/ -- The majority (
More than one quarter (
The 2020 Financial Resiliency Survey polled more than 1,200 Americans on their financial feelings after nearly a year of living through a pandemic, finding that
"The pandemic has accelerated the adoption of online and mobile banking, and consumers are increasingly comfortable with using digital tools to manage their money," said Jamie Warder, Executive Vice President and Head of Digital Banking at KeyBank. "The advantage of digital banking tools is that they are not one-size-fits-all solutions. With widespread economic fallout resulting from the pandemic, it is understandable that younger Americans are seeking guidance from trusted financial advisors to help them navigate uncharted waters, in addition to technology-enabled services that allow them to bank on their own terms. The future of banking includes both digital tools and human expertise."
Digital banking proved to be powerful for helping Americans weather turbulent economic times—
The increased reliance on digital banking tools helped many Americans maintain healthy financial habits to endure economic uncertainty. As of June 2020, KeyBank's Digitally Active clients signed on (to either desktop or mobile) an average of 20.2 times per month. Respondents plan to continue using digital tools to conduct the following transactions going forward, compared to before the pandemic:
- Insurance enrollment (
41% vs.34% ) - Creating/updating a financial plan (
40% vs.33% ) - Creating/updating an estate plan (
27% vs.20% )
Methodology
This survey was conducted online by Schmidt Market Research. 1,204 respondents completed the survey between Sept. 30 and Oct. 2, 2020. Target audience was between the ages of 18 and 70, and those who have sole or shared responsibility for household financial decisions.
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately
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SOURCE KeyCorp