Americans seem to have soured on branch banking, according to a report from the data aggregator Plaid. The report, “The rise of fintech during COVID-19,” found that 80% of Americans said they can now manage their money without using a branch.

“People rely on fintech to help them manage a broad range of financial needs during these challenging times,” the report read. “The data also demonstrates that consumers view these new digital habits as better, and thus are ready to make it their new normal, representing a major shift in consumer behavior.”

As the COVID-19 pandemic forced Americans to go digital, consumers have grown increasingly comfortable with fintech, as found by the study.

More than half of the Americans surveyed, 59%, said they use more apps to manage their finances than before the pandemic started. During the pandemic, 69% found fintech to be a lifeline. Seventy-three percent of Americans called fintech “the new normal” for managing money even after the pandemic ends. 

The shift to digital financial services extends beyond the use of third-party apps, as consumers have also been flocking to banks’ digital channels during the COVID-19 pandemic. Portland-based Umpqua Bank, for example, saw an immediate increase in customers using its Go-To app, a digital tool that allows customers to message a banker of their choice, during the early days of the pandemic. Big banks like JPMorgan Chase, Bank of America and Citibank, meanwhile, have all  noted an uptick in digital volume since the start of the pandemic . 

See also: With Plaid, Visa embeds itself deeper into the fintech ecosystem

Consumers might be gravitating toward digital financial services, but whether the industry is capitalizing on the trend is another matter. A Sitel Group report from earlier this summer found financial services had lost its edge with consumers compared to other industries. “While the retail industry quickly implemented practical online solutions such as click and collect to meet changing customer needs, banking and financial services fell behind,” Sitel Group said in a financial services industry snapshot of the report.

The Plaid survey took place from July 16 to 27, and was conducted by the Harris Poll on behalf of Plaid, surveying 2,008 adults ages 18 and older. It included 839 fintech non-users, or “someone who does not use any fintech apps,” as well as 556 consumers who use one or two fintech apps and 613 consumers who use three or more.

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