eMarketer: In 2017 Nearly 60% of the US Population Will Use Digital Banking

eMarketer: In 2017 Nearly 60% of the US Population Will Use Digital Banking

Foto: Fotolia

In 2017, nearly 60% of the US population will be digital banking users, according to eMarketer’s new forecast. Some 150.7 million adults will access their bank, credit card, or brokerage accounts at least once a month via digital channels.

Not surprisingly, older users are less likely to be digital bankers. Among those ages 55 to 64, eMarketer estimates that 52.4% will use digital banking next year. For those over 65, the percentage falls sharply: Barely one in three will do banking online next year. Those trends are even more evident when looking at mobile banking behaviors. A mere 7.5% of the over-65 population will be mobile bankers in 2017.

“Older users are still somewhat less likely to have a smartphone, and they also don’t feel as comfortable with the devices yet, especially when it comes to applications like banking where they want a high degree of security,” said eMarketer analyst Nicole Perrin. “Older banking customers are also more likely to have more complex needs, they use a wider variety of banking products and tend to prefer to deal with their accounts on desktop computers.”

By contrast, those between 18 and 44 have adopted digital banking in higher numbers, especially when it comes to mobile banking. Millennials in particular are the heaviest mobile phone banking users.

”For now, mobile banking isn’t driving increases in digital banking, and growth is tepid among younger internet users, most of whom already conduct their banking via digital channels,” said Perrin. "In the long term, mobile and digital banking are likely to become more synonymous."

More from category

Eight Critical Components of a Digital Workplace

Eight Critical Components of a Digital Workplace

23 Aug 2017 comment

Digital workplace programs often lose their way, or fail, due to a fragmented approach that prioritizes a few technology "fixes" over business strategy, said Gartner. To combat this, digital workplace leaders need to employ a framework to ensure their digital workplace initiatives address all of the eight critical components required for a successful implementation.

Digital Transformation and IoT Will Drive Investment in ITOM Through 2020

Digital Transformation and IoT Will Drive Investment in ITOM Through 2020

22 Aug 2017 comment

The growth of digital business and the Internet of Things (IoT) is expected to drive large investment in IT operations management (ITOM) through 2020, according to Gartner. A primary driver for organizations moving to ITOM open-source software (OSS) is lower cost of ownership.

New eMarketer Forecast Sees Mobile Driving Retail Ecommerce in China

New eMarketer Forecast Sees Mobile Driving Retail Ecommerce in China

21 Aug 2017 comment

China, the world’s largest ecommerce market, is set for continued growth in 2017, according to eMarketer’s latest worldwide retail forecast. Retail ecommerce sales in the country are expected to reach $1.13 trillion this year, a figure equal to 23.1% of total retail sales.