Interestingly, less than 2% of respondents said they used their mobile banking app for the first time since the pandemic surfaced. This stands in contrast to the experience of other mobile financial services. For example, nonbank mobile payment apps like PayPal Holdings Inc. and Square Inc.'s Cash App have seen significant growth in new users in the past few months. According to the survey data, the growth in mobile banking activity has come from existing users leaning on mobile functionality more often rather than brand new customers adopting the service.
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