The Customer Effect

Americans carry more debt and turn to mobile banking in the face of the pandemic

  • Americans turn to digital solutions as they hunker down in the face of COVID-19.
  • They're responding by increasing emergency funds and not paying down credit card debt.
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Americans carry more debt and turn to mobile banking in the face of the pandemic

As bank branches become increasingly inaccessible, mobile banking engagement increased by more than 50 percent in the last two months, according to new research from MX.

People comprehend the importance of preparing for unexpected events like COVID-19. In a survey of more than 1,000 U.S. consumers, more than 70 percent of people said that it’s important to put money away for a rainy day or for unexpected expenses.

That said, fewer than half put away more than 10 percent of their monthly income. More than 70 percent of Americans live paycheck to paycheck, and three in 10 Americans have no emergency savings.

 


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