BACK

Research and Statistics

Online and mobile banking statistics

Summary

Bank branches aren’t a thing of the past yet, but that could be the way they’re headed now that consumers can deposit checks, check balances and even open accounts via computer or smartphone

The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

CreditCards.com Statistic page logo

See more stats

 

Going to the bank was once an errand that required getting up early on a Saturday or taking a long lunch. With online and mobile banking options, however, gone are the days of driving to the bank to deposit a check or even open a checking or savings account.

In 2016, 62 percent of Americans cited digital banking as their primary method of banking, up from 51 percent in 2015. Gen Xers (70 percent) and millennials (68 percent) are the most likely to primarily turn to mobile or online banking.3

Percentage of Americans who primarily use digital banking
2016

62%

2015

51%

2014

47%

Source: Bank of America

Opening new accounts

According to a survey produced for Mitek, digital channels were the most popular way for customers to open credit, savings and checking accounts as of November 2016. In 2016, 72 percent of consumers used digital channels to open a checking account, up from 12 percent in 2014.2

Consumers still prefer online over mobile for opening new accounts, but this may be a function of demand outstripping supply – only a third of the top 30 financial institutions support end-to-end account opening via mobile devices.2

Millennials use smart devices to open checking accounts at 1.5 times the rate of older generations (27 percent versus 19 percent). However, consumers in this generation also have thin credit files that often prevent their identities from being successfully verified as part of a digital account opening flow.2

By adopting mobile-oriented tools such as biometrics, device recognition and image capture, financial institutions can create a successful digital account opening flow for immigrants, divorcees and young consumers whose credit profiles confound existing identity verification processes.2

Additionally, the customer experience of digital account opening is sacrificed for the sake of strong fraud mitigation and regulatory compliance. Institutions report that up to half of digital applicants are being pushed offline to verify their identities or to submit additional required documentation. If they visit a branch to follow up, applicants often begin the application process again.2

Other online and mobile banking activities
With the exception of depositing a check, the types of banking activity conducted among those using their PC compared to those using their mobile phone (web or app) is very similar.

How millennials check their bank accounts (March-May 2016)
Online via desktop or laptop

56%

Mobile phone

58%

Tablet

24%

Offline (branch, ATM, call center)

38%

Source: VocaLink

The numbers were similar for checking account transactions, accessing account details, transferring money between one’s own accounts, paying bills, transferring money to someone else and setting up automatic payments.1

The majority (54 percent) of consumers say they use a mobile banking app, up from 48 percent in 2015. More than a third (35 percent) check their banking app once a day or more, but the majority of consumers (84 percent) check it once a week or more. Forty-one percent of consumers say having constant access to their finances decreases their daily level of stress.3

Eighty-seven percent of mobile banking customers use alerts and notifications for fraud, deposits made and low balances. Nearly three-quarters (71 percent) have taken action as the result of a mobile banking alert.

Mobile and online bill pay
U.S. consumers pay approximately 14.7 billion bills annually, shelling out roughly $3.9 trillion. Of those, 2.2 billion are paid online via a financial institution’s website or mobile app.4

However, bank bill pay represents only 27 percent of all online consumer bill payments. Consumers pay almost all the rest at each individual biller’s website.4

 


 Sources
  1. VocaLink Millennials U.S. mobile payments check May 2016
  2. Looking Beyond KBA: Solving the Fraud vs. Customer Experience Challenge in Digital Account Opening report for Mitek produced by Javelin November 2016
  3. Bank of America Trends in Consumer Mobility Report 2016
  4. Aite Group report U.S. Bank Bill Pay: An Update February 2017
  5. TSYS 2016 Consumer Payment Study

See related:Payment method statistics, Online payment statistics

What’s up next?

In Research and Statistics

APRs on the rise as Fed steps up rate hikes

Credit card users will pay higher rates on existing balances as the Federal Reserve votes to hike a key rate, and projects more to come

Published: March 15, 2017

See more stories
Credit Card Rate Report Updated: July 17th, 2019
Business
15.61%
Airline
17.59%
Cash Back
17.68%
Reward
17.58%
Student
17.79%

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.