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

Technology Increases Skills Gap in Financial Services

Technology Increases Skills Gap in Financial Services

23 Feb 2017 comment

In a report by PwC examining financial services business leaders’ confidence and outlook in the sector, the findings show the scale of the talent challenge they confront from technology’s acceleration.

VPAs and Messaging Platforms Keep Attracting Users

VPAs and Messaging Platforms Keep Attracting Users

22 Feb 2017 comment

A new Gartner mobile apps survey showed that the number of consumers using messaging apps and personal assistant apps is continuing to grow. The survey showed that 35 percent of respondents said they used virtual personal assistants (VPAs) in 2016, up 4 percentage points from 2015.

Slow Adoption of Technology Change Could Threaten Growth

Slow Adoption of Technology Change Could Threaten Growth

21 Feb 2017 comment

Confidence in the 12 month and three year outlook for revenue growth in asset and wealth management has grown again, with almost two thirds (64%) of the industry planning recruitment. In PwC’s annual survey of the sector’s CEO’s views on the outlook for the industry, 92% are confident or very confident about the growth outlook over the next 12 months.