Provident Bank Study Shows Shift to Digital Banking is Here to Stay Following COVID-19 Crisis

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:

• Of those respondents currently using digital banking, 56% will continue to use mobile/online banking primarily. Only 6% will primarily use in-person banking when branches reopen nationwide.
• The majority of respondents (88%) said their financial institution was able to meet their banking needs during the pandemic and nearly all (98%) continued to use the same bank throughout the pandemic.
• When choosing a bank, consumers are now more likely to take into consideration the bank’s involvement with the community and social responsibility. (Nearly 40% in June 2020, compared to 20% in Feb 2020.) Consumers between the ages of 18 to 24 care most about this. 61% of respondents in that demographic said they take social responsibility into consideration when choosing a bank.

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:

• Offer hand sanitizer to employees and customers;
• Limit the number of customers permitted in a branch; and
• Require that masks be worn by employees and customers.

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).