Eighty percent of Americans now say they can manage their finances without a physical bank branch, according to a new survey commissioned by Plaid, which is well positioned to benefit from this behavior. Since COVID struck, Plaid has experienced a 44 percent increase in usage across its customer base March through May when compared to the same period last year. In self-directed brokerage, Plaid saw an even greater increase at 300 percent year over year.
“The majority of survey respondents used fintech before the crisis. But the survey showed that when COVID-19 hit, fintech adoption accelerated and Americans reported using more fintech tools, more frequently, and for more financial tasks during the pandemic—59 percent of respondents stated they use more apps to manage money now than they did before the pandemic” John Pitts, Plaid’s head of policy, wrote in a blog post.