How the Pandemic Pushed a Generation of Americans to Discover the Perks (and Risks) of Online Banking

Online banking is gaining favor among American baby boomers because of the pandemic, reports Time . Fidelity National Information Services noted a 200 percent leap in new mobile banking registrations in April, while U.S. banking data firm Novantas observed a 50 percent plunge in branch bank traffic in the same month. The pandemic has been a trigger for boomers to rapidly adopt online banking and other financial services. It began with this demographic using digital services from brick-and-mortar banks for the first time, and banks both large and small are experiencing this transition. When engaging with bank tellers was no longer an option this year, online banking forced a major shift in routine, including the uptake of Venmo and similar peer-to-peer payment applications. "Everything boomers did in person they're now doing online or even on mobile," says Allie Fleder with SimplyWise, a retirement and Social Security resource. Early Warning's Donna Turner cautions that isolation, elevated levels of anxiety, and a dearth of normally-available goods and services are a perfect medium for fraud, and seniors are "more susceptible" to such scams. On the other hand, Older Adults Technology Services Executive Director Tom Kamber said the pandemic has "created anxiety and dislocation, but it's also driving people to use new tools."