AdobeStudy: Consumer Banking Insights

2. © 2019 Adobe Inc. All Rights Reserved. Adobe Confidential. 2 Methodology Who participated in this research? How was this research conducted? Sample Frame • 1,006 US Adults completed this survey online • To qualify: • Aged 18 or older • Own a mobile device • Participants were recruited from an actively managed online panel (Dynata). As such, this should be considered a non-probability sample. • Participants were recruited using a “nationally representative outgo” in order to closely align to the US population demographics. • Participants are incented using rewards points for participation • Research was conducted between October 7-10th, 2019 • No weighting of data was required. • Margin of error is +/- 3.04 percentage points at the 95% confidence level, with a margin of +/-6% between age groups. • Participants were required to complete the survey online, and own a mobile device (mirroring the adult online population in the US) Image Credits: 123rf.com & icons8.com Advanis is a member of the Canadian Research Insights Council (CRIC) and confirms that this research fully complies with all CRIC Standards including the CRIC Public Opinion Research Standards and Disclosure Requirements. This research was sponsored by Adobe and conducted by Advanis. For information about data collection, please contact Lori Reiser (lori_reiser@advanis.net 519.340.0125)

3. © 2019 Adobe Inc. All Rights Reserved. Adobe Confidential. Mobile/digital banking is popular… 3 Satisfaction with current digital banking experience 3% 17% 31% 48% 1=Completely Dissatisfied 2 3 4 89% Mobile / Web banking user Mobile banking features used at least weekly 67% 36% 30% 24% 16% 1% 1% Check balance Pay bill Transfer btwn… Mobile check deposit Transfer money to… Other None • Nearly all consumers use their bank’s digital/mobile offerings. • Those consumers generally use mobile for quick transactions like checking their balance, paying a bill, and transferring between accounts.

4. © 2019 Adobe Inc. All Rights Reserved. Adobe Confidential. …But there’s room to delight with innovative digital offerings 4 Perception of a bank that offers limited or no online or mobile services (top 4) 44% 37% 29% 25% Behind the times Old fashioned Not for me Not innovative Compared with the rest of your digital life, current bank's digital offering is… 35% 62% 3% Advanced Average Behind • Consumers aren’t exactly ‘wowed’ by their bank’s digital offerings, especially compared to the rest of their digital lives. • Top labels for banks that offer no or limited mobile services include: “Behind the times,” “Old fashioned,” “Not or me,” and “Not innovative.”

5. © 2019 Adobe Inc. All Rights Reserved. Adobe Confidential. 3% 9% 18% 22% 15% 25% 8%One day ago In the past week In the past two weeks In the past month In the past year More than one year ago I haven't visited a physical bank branch The local bank branch is still important to consumers 5 70% visited a bank branch in the last month at least • Despite the popularity of mobile/digital bank offerings, consumers are still going to the bank. A vast majority (75%) believe the bank branch is important. • More than half (66%) think having face to face customer service is important. • Deposit (54%), withdrawing paper money (35%), and face-to-face service (24%) are the most common reasons to visit banks.

6. © 2019 Adobe Inc. All Rights Reserved. Adobe Confidential. Security is no. 1 when selecting a bank 6 Top 1 important factor when selecting a bank 31% 18% 15% 10% 9% 8% 4% 4% 1% Importance of privacy and security when you digitally enroll for a banking service 6% 18% 76% NET Unimportant Neither important nor unimportant NET Important 28% 22% 50% NET Disagree No opinion NET Agree With online-only banks, I worry about the safety of my finances Tolerance for security breaches increases with age. While 54% of Gen Z would change banks after a security breach, this declines to only 38% of Gen X and 27% of Boomers. Security Location of branches Reputation In-person support Local brand/credit union Digital/mobile app Nationwide reach Recommended by a family member or friend Other Gen Z: 62%

7. © 2019 Adobe Inc. All Rights Reserved. Adobe Confidential. Most would not choose a bank if digital options were not available… 7 Would not do business with a bank that didn’t offer digital or mobile services 59% Importance of the ability to start and finish an application digitally i.e. not having to go in-person to sign documents or print documents out and send through the mail 24% 31% 44% NET Unimportant Neither important nor unimportant NET Important • More than half (59%) wouldn’t do business with a bank that didn’t offer digital/mobile services. • One activity consumers would like to do more digitally is start and finish an application across digital and physical locations.

8. © 2019 Adobe Inc. All Rights Reserved. Adobe Confidential. …one way forward is digital enrollment 8 What, if any, financial documents have you signed digitally with your bank? 18% 17% 9% 7% 6% 6% 1% 57% Credit card application New bank account Loan agreement or renewal Mortgage agreement or renewal Investment (trade/deposit) Investment (new account) Other I have never digitally signed a document with my bank Would not choose a bank if it did not offer a digital enrollment option 54% If you had to open it in person, would you use a bank to… 79% 78% 73% Apply for a loan Apply for a mortgage Apply for credit card

10. © 2019 Adobe Inc. All Rights Reserved. Adobe Confidential. 17% 12% 17% 18% 14% 14% 4% 4% Less than $20,000 $20,000 - $29,999 $30,000-$49,999 $50,000-$74,999 $75,000 - $99,999 $100,000 to $149,999 $150,000 to $199,999 $200,000 or more Gender 20% 20% 38% 21% Region 10 Money 20/20 (October 2019) d0 -- Where do you live? Base: All respondents (1,006) d1 – What is your gender? Base: Excluding those who said prefer not to answer (1,004) d2 – In what year were you born? Base: All respondents (1,006) 44 -- Do you have any children under the age of 18? Base: Excluding those who said prefer not to answer (1,004) D5 -- Which of the following mobile devices do you own? Base: All respondents (1,006) d6 – What was the total income of your household in 2018? Base: Excluding those who said prefer not to answer (956) Profile of Participants Male 51% Female 49% Gen Z: Born 1996 - TBD Millennials: Born 1977 - 1995 Generation X: Born 1965 - 1976 Baby Boomers: Born 1946 - 1964 Traditionalists: Born 1945 or earlier 8% 36% 17% 35% 5% Household IncomeAge 49% 3% 48% Smartphone only Tablet only Both smartphone and tablet Device 26% Have children under 18