2022
9
US Digital Banking Market Report 2022
2022-05-19T04:07:21+01:00
OX1101777
3695
151250
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Report
en_GB
“The pandemic tested FIs’ resilience with regards to adapting to heightened consumer demand for digital banking services. Providers emerged stronger on the other side, with adoption surging and satisfaction sitting…

US Digital Banking Market Report 2022

£ 3,695 (Excl.Tax)

Description

“The pandemic tested FIs’ resilience with regards to adapting to heightened consumer demand for digital banking services. Providers emerged stronger on the other side, with adoption surging and satisfaction sitting at healthy levels. While adoption has accelerated, mobile banking is still perceived to be the less secure and inferior channel compared to online banking. With rising smartphone usage, FIs continuing to enhance functionality of mobile services and leveraging innovative technology like biometrics will be key to furthering adoption and tilting the balance toward more app-based banking in the future.”
– Amr Hamdi, Finance Analyst

This Report looks at the following areas:

  • Usage of online and mobile banking
  • Drivers for not using digital banking
  • Attitudes toward digital banking
  • Most valuable features in digital banking

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Market context
  2. Executive Summary

    • Top takeaways
    • Older generations are much more likely to use online banking but not mobile banking
      • Figure 1: Use of online and mobile banking, by generation, 2022
    • Security concerns, preference for other channels the top reasons for not adopting digital banking
      • Figure 2: Reasons for not using mobile and online banking, 2022
    • A third of consumers would use digital banking more often if incentivized
      • Figure 3: Drivers to adopting digital banking, 2022
    • Market overview
      • Figure 4: Category outlook, 2022-27
    • Opportunities and challenges
    • Striking the balance between digital and in-person banking
      • Figure 5: Capital One Café, 2022
    • Security remains a barrier to digital banking adoption
      • Figure 6: PayPal security email, 2022
    • Key consumer insights
    • 61 percent of consumers are satisfied with their bank’s digital banking solutions
      • Figure 7: Attitudes toward digital banking, 2022
    • 27 percent think digital banking can never replace face-to-face interaction
      • Figure 8: Attitudes toward digital vs in-person banking, by generation, 2022
  3. Market Factors

    • Majority of banked consumers use digital banking frequently
      • Figure 9: Use of online and mobile banking, 2022
    • …which corresponds with rising smartphone and PC ownership
      • Figure 10: Technology ownership, 2019 and 2021
    • Usage of PCs for financial management remained constant, but accelerated on smartphones
      • Figure 11: Bank of America digital banking email, 2020
      • Figure 12: Activities conducted on tablet, laptop or desktop, 2019 and 2021
    • : Figure 13: Activities conducted on smartphones, 2019 and 2021
      • : Figure 13: Activities conducted on smartphones, 2019 and 2021
  4. Competitive Strategies and Market Opportunities

    • TD Bank illustrates the convenience of using biometric authentication
      • Figure 14: TD Bank biometrics email, 2021
    • Bank of America helps customers fight fraud with its security meter
      • Figure 15: Bank of America security meter email, 2021
    • PNC highlighted its money management tools in their mobile app
      • Figure 16: PNC money management tools email, 2021
    • Chime used paid Facebook to emphasize the financial health benefits of banking with them
      • Figure 17: Chime SpotMe paid Facebook ad, 2021
    • Enhance digital engagement with rewards and incentives
      • Figure 18: Coinbase Earn email, 2022
      • Figure 19: Personal finance gamification example, 2022
    • The potential of a bundling model in banking
      • Figure 20: Switching FIs due to mobile banking fees, by generation, 2022
      • Figure 21: Monzo Premium, 2022
  5. The Digital Banking Consumer – Fast Facts

  6. Interest in and Barriers to Adopting Digital Banking

    • Only a minority of non-adopters interested in using digital banking
      • Figure 22: Interest in using mobile or online banking, 2022
    • Security and preference for other channels are the main reasons for non-adoption of digital banking
      • Figure 23: Reasons for not using mobile and online banking, 2022
      • Figure 24: Reasons for not using mobile banking, by age, 2022
  7. Valuable Features in Digital Banking

    • Convenient features such as bill pay and mobile check deposit are most sought after in a digital banking experience
      • Figure 25: Valuable digital banking features, 2022
    • Personal finance management tools most valuable to younger generations
      • Figure 26: Valuable digital banking features, by generation, 2022
  8. Attitudes toward Digital Banking

    • Lower-income households are the least satisfied with their bank’s digital banking solutions
      • Figure 27: Attitudes toward digital banking, by income, 2022
    • Biometrics can help quell security concerns around mobile banking
      • Figure 28: Attitudes toward biometric identification tools, by age, 2022
  9. Preferred Channels for Opening New Accounts

    • Online banking is the preferred channel for opening a new card or deposit account
      • Figure 29: Preferred channel for opening a financial account, 2022
    • Physical branches are much more preferred for opening loans
      • Figure 30: Preferred channels for opening a loan account, 2022
  10. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Marketing creative
    • Abbreviations and terms
    • Abbreviations

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