How Consumers Are Using Digital Banking

How Consumers Are Using Digital Banking

March 2, 2016         Written By Lynn Oldshue

VSoft Corporation recently conducted a survey to see how consumers are using digital banking services. They found the top five activities include:

  1. Make balance inquiries (81%)
  2. Pay bills online (72%)
  3. Transfer money (60%)
  4. Search for branches/ATMs (45%)
  5. Contact customer service (37%)

The study, which ran online from October 29 through November 2, 2015, surveyed 2,000 U.S. adults 18 and older. VSoft found 99% of the respondents said their financial institution offers digital banking, and 88% said they use at least one digital banking service.

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Another key finding is that 72% of consumers who use digital banking are using it to pay bills, which coincides with the movement towards non-cash transactions.

“The continued growth in electronic and mobile payments along with the fact that Millennials–the largest and most tech-savvy generation in history–are maturing into adulthood, financial institutions are under immense pressure to keep pace with digital banking services as well as consolidate these channels to ensure a superior experience,” said Murthy Veeraghanta, chairman and CEO of VSoft Corporation. “Because most banks and credit unions offer some kind of digital service, this is even more imperative to differentiate among competitive institutions.”

The information contained within this article was accurate as of March 2, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue