Few innovations in the financial world have been as revolutionarily convenient as online banking. What typically entails waiting in long lines now can be done from the comfort of your home. So, it’s no surprise that online banking is now a vast part of the banking industry.
We’ve put together some of the most interesting online banking statistics to show you just how much the service has grown since the 1990s.
The stats cover topics ranging from the industry’s market value to the latest mobile banking trends. You can also find other fascinating insights, such as adoption rates and data protection.
Essential Internet Banking Statistics (Editor’s Choice)
- There are 5.3 bank accounts for every US bank user
- The global market size for wearable payment devices reached $10.35 billion in 2020
- Banking malware attacked 773,943 people in 2019
- 73% of people worldwide use online banking monthly
- 38.4% of smartphone users make in-store payments at least once every six months
- Over 80 million people will use neobanks in Europe by 2023.
Online Banking Statistics
1. The average bank user in the US has 5.3 bank accounts.
People tend to choose different banks for the various benefits of their services, resulting in more than a single bank account per person. According to the online banking usage statistics from 2019, the average client has over five accounts across all types of financial establishments.
Among the reasons for opening an account in a specific bank, 49% of people say it’s due to feeling comfortable there, 26% already have an issued card from that establishment, and it’s where 14% keep their investments.
2. In 2021, 64.6% of US citizens use online banking.
Online banking statistics show more and more people in the US are embracing digital banking.
While in 2018, 61% of people used digital banking, in 2020, the number grew to 63.8%. Estimations show that by 2022, the share will probably rise to 65.3%.
3. The volume of digital payments in the first half of 2020 increased by 21%.
Online banking statistics from 2020 show digital payments got a significant volume bump in 2020. Digital banking’s transaction volume also grew by 10%.
4. The global market size for wearable payment devices was $10.35 billion in 2020.
(Grand View Research)
Some of the wearable tech pieces can be used as payment tools. Such devices turned out to be one of the biggest trends in mobile banking.
Experts predict the market value of wearable payment tech to grow at a compound annual rate of 29.8% between 2021 and 2028.
5. 773,943 PC users were attacked with banking malware in 2019.
The number of banking malware attacks went down in 2019 compared to the previous year. Online banking facts and statistics show that in 2018, 889,452 attacks took place.
People in the US accounted for 2.4% of cases affected by such malware. Russia, however, was the country with the most — 22.1%.
Online Banking vs. Traditional Banking Statistics
6. 80% of people prefer online banking over visiting a brick-and-mortar establishment.
The online banking usage statistics from 2020 show us that only 20% of US citizens are more inclined to visit a bank in person than use their smartphone or computer.
7. 95% are confident that the bank can protect their data.
According to the digital banking statistics from 2019, most people are positive that banks can protect their data. The statistics also show that 66% of people feel satisfied with their bank and its digital services.
8. Only 12% of people older than 54 use mobile payment services.
The mobile payment usage statistics show that 30% of people use mobile payment services at least once a week. However, approximately 12% of people over the age of 54 do the same.
9. 56% of people have been redirected to the physical establishment while doing their banking online.
The COVID-19 pandemic made a lot of people feel wary about visiting physical bank locations. But, unfortunately, over half of the US internet banking users couldn’t solve their problems without going there.
Another 48% share they had to print, sign, and email bank-related papers when using the online banking services.
Mobile Banking vs. Online Banking Statistics
10. 90% of people use online banking tools to check their account balances.
Consumers use online banking apps for a variety of reasons. As mobile banking usage statistics from 2019 reveal, most people need it to check their current balance.
79% of people say they look at recent transactions, 59% make bill payments, and nearly 57% — transfer funds.
11. 73% of people worldwide use online banking at least once per month.
According to mobile banking statistics, money transfers and balance inquiries are two of the most common uses for mobile banking apps.
On the other hand, 59% of people find the online banking method more secure for complicated processes. That means inquiring about products, transferring money internationally, or updating account information.
12. 47% of consumers use online banking to update their account details.
In contrast, the mobile banking statistics from 2019 show only 26% use mobile banking to update their bank profiles. It seems that the app format doesn’t suit most people to do delicate or complicated tasks.
13. 62% of consumers have a better awareness of their financial situation thanks to mobile banking.
Compared to visiting an actual bank, online banking is the quicker and simpler choice.
The new mobile banking trends show people have an increased awareness of their financial situation. Over 60% of consumers said they’ve become better at keeping tabs on their accounts due to this service.
14. As of June 2021, Nubank reached the 25-million-user benchmark.
Nubank is one of the leading app-based virtual banking companies in the world. It has an impressive number of users worldwide.
Comparing its figures with global online banking statistics makes Nubank’s foothold apparent. On the other hand, Revolut (UK) and Chime (US), two other major companies, provide for 13 and 8 million consumers, respectively.
15. 38.4% of smartphone users make an in-store mobile payment at least once every six months.
Mobile payment statistics estimate over a third of all smartphone users in 2020 made at least one in-store payment using a mobile app every six months.
The projected use for the 2021-2022 period will increase among 39.9% to 41.1% of the people and from 41.1% to 42.2% between 2022 and 2023.
The majority of adoption comes from the Asia-Pacific region, mainly in China.
Latest Trends in Mobile Banking
16. The deployment of chatbots will save the banking industry $7.3 billion by 2023.
Chatbots are one of the biggest trends in mobile banking. They save companies tons of money as they replace paid staff and due to their constant availability.
Juniper Research has significantly raised its initial prediction of $209 million saved on customer service.
17. There will be over 85 million neobank users in Europe by 2023.
A neobank is a bank that offers only digital services. This concept comes with many perks that have thus far contributed to the online banking growth we see today.
The lack of overhead costs results in lower fees for customers. The users can manage their banking obligations with just a few clicks instead of visiting a bank in person.
Stats on online banking trends show that the number of neobanks has grown to over 15 million since 2011. In addition, the number of neobank customers in Europe is expected to reach 85 million by 2023.
18. Mobile browsers and apps account for 71% of fraud transactions.
The presence of fraud transactions on banking apps and browsers is one of the more worrying mobile banking technology trends. The most recent research shows that the rate of such scams is on the rise.
The banking landscape constantly shifts and adapts as new technological innovations enter the scene. This has always been the case, from credit cards to ATMs.
Online banking is not much different in that regard. The extent of the change it brought has been — and continues to be — profound.
All the above online banking statistics show positive industry growth and widespread adoption.
We can’t precisely predict whether this service will make traditional brick-and-mortar banks obsolete. At current rates, however, it most certainly is turning into the default banking option worldwide.
People Also Ask
Electronic banking has a profound impact and continues to change the financial landscape. For one, it allows people to do their banking with just a few clicks of a button.
That makes financial affairs both quicker and more convenient, especially in the COVID-19 pandemic settings.
Banks that implement online capabilities tend to have lower fees due to the lack of overhead costs.
While there were similar concepts as far back as the 1980s, the first online bank became available to the public in 1995. At that time, however, only a tiny fraction of people were online.
The Security First Network Bank opened on October 18, 1995. It was the first bank to offer many of the features we associate with online banking today. In the years to follow, numerous online banks took cues from SFNB’s structure and innovations.
Generally, mobile apps are secure for your financial needs. In fact, mobile apps tend to be safer than online banking in some respects. Mobile devices have additional hardware security features that make mobile banking a more secure process than banking online.
According to online banking statistics, over 160 million people in the US use online banking regularly. However, experts have predicted this number will rise by 2022 — around 65% of the US population will be using digital banking.
Even more people are using online banking tools occasionally. Namely, around 73% of people with bank accounts use online banking at least once a month.