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DYK: Did You Know…?

Based on U.S. banking online data, Bank of America made history in 2001 as it became the first U.S. financial institution to gain more than 3 million online banking users. At the time, online banking customers accounted for 20 percent of its total client base.

According to Business Insider, U.S. mobile banking stats reveal that 89 percent of American bank account holders use mobile banking for account management. For 70 percent of them, mobile banking is the primary way of managing accounts.

A recent U.S. internet banking survey by Consumer Affairs, revealed that only 20 percent of consumers would rather pay a visit to a physical bank location than do their business via digital channels. It also found that younger users turn to mobile banking features more than their older peers. Approximately 30 percent of consumers under the age of 54 use mobile payment services like Venmo and Apple Pay at least once a week, while only 12 percent of those older than 54 do the same.

Deloitte, the British multinational professional services network found that global online banking statistics reveal that 73 percent of customers use online banking channels at least once a month, compared to 59 percent who use mobile banking apps equally often. They also determined through their consumer banking data, that most account holders use either mobile (56 percent) or desktop (29 percent) banking platforms for balance inquiries.

Juniper Research noted that digital banking stats predict that the total number of online and mobile banking users will exceed 3.6 billion by 2024. Mobile and online banking growth are expected to experience a 54 percent increase compared to 2020.

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