According to Fidelity National Information Services (FIS), there was a 200% jump in new mobile banking registrations in early April 2020 and an 85% increase in mobile banking traffic. Deloitte has reported online banking activity increased 35% since the pandemic started. These trends have only gone up and to the right as the global health crisis has lingered.
Banking activity aside, the economic fallout of the pandemic has been disparate. Many are struggling financially, while a significant minority have likely found themselves with more disposable income than before the pandemic, thanks to the stimulus checks. Despite the overall economic decline, the average credit score in the U.S. climbed 1% (seven points) in 2020, reaching a record-high score of 710, according to Experian data from Q3 2020. Compared with the average growth seen over the past ten years, 2020’s increase was unusually high.