Over 60% of Americans Do Most of Their Banking Online

Over 60% of Americans Do Most of Their Banking Online

October 30, 2019         Written By Bill Hardekopf

Americans are making a major shift to digital banking, but many still like the option of in-person banking.

According to new research from Marqeta, 62% of Americans do most of their banking online, while 31% do the majority of their banking at a physical branch.

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This is consistent with a Provident Bank study which showed over three-quarters of Americans prefer digital banking over in-person banking. Only 20% of respondents said they preferred in-person banking.

Digital banking is becoming the preferred option, but that doesn’t mean customers want to go completely do away with branch banking. In fact, only 14% of Americans in the Marqeta survey said they exclusively use a digital banking service. Nearly half (46%) said they use both mobile banking and in-person banking.

Having a strong online banking service could be the key to customer retention. In the Provident Bank study, 82% of participants said they were less likely to switch banks once they became familiar with their bank’s digital banking services.

Less than one-third of respondents said they use mobile wallets and peer-to-peer services on a weekly basis, but 50% said they would be more likely to if their bank offered incentives for it. An example might be Venmo offering cash back for each transaction. Nevertheless, 38% of people who do not use mobile wallets said they prefer credit cards.

The information contained within this article was accurate as of October 30, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
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