Mainebiz

W W W. M A I N E B I Z . B I Z 13 A P R I L 4 , 2 0 2 2 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S A healthy smile can make all the difference. Protect yours with dental insurance backed by the nation's largest network of dentists. NortheastDeltaDental.com STAND OUT IN A SEA OF SAMENESS WITH YOUR SMILE POWER! NEDD_1_2 PAGE_ MAINEBIZ_consumer V2.indd 1 8/19/19 8:03 AM ike nearly every consumer experi- ence, retail banking has changed dramatically in the past two years. While banks insist a brick-and-mortar presence is crucial to establishing a relationship with a community, the trends are show- ing that depositors are less likely to step into a branch office, according to data from the American Bankers Association. The most dramatic changes have been in the use of mobile apps. F O C U S S TA R T S O N F O L L OW I N G PA G E » L HOW AMERICANS BANK BEFORE THE PANDEMIC AND SINCE BANK MOBILE APP TRENDS, BY AGE GROUP At least in the U.S., with the onset of the pandemic, there was an increase in mobile and online usage, and fewer branch visits Mobile app Before: 33% Since: 44% Online Before: 24% Since: 26% Bank branches Before: 21% Since: 10% ATMs Before: 11% Since: 8% Snail mail Before 2% Since: 3% The shift is most dramatic among younger bank customers, and may be best illustrated by the use of mobile apps S O U R C E : Morning Consult, American Bankers Association, survey of 2,000 adults, October 2021 Even as banks continued to build brick-and- mortar branches during the pandemic, the use of banks' mobile apps soared among customers of all age groups. Gen Z (1997–2012) Before: 48% Since: 56% Millennials (1981–96) Before: 45% Since: 55% Gex X (1965–1980) Before: 36% Since: 51% Baby boomers (1946–64) Before: 34% Since: 38%

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