Over 60% of Americans Do Most of Their Banking Online
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.
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.