Only 1.8% are savings only. Back in 2013 and 2015 respective 55.1% and 60.4% of families accessed accounts online. This improvement would represent a CAGR of 5.2%. These are some eye-opening banking stats but not the most surprising ones. In 2020, in North America, its worth in the sector was $25 billion. Back in 2013 and 2015 respective 55.1% and 60.4% of families accessed accounts online. Further increases this year are unexpected despite strong domestic economic data as various global events such as the uncertainty of Brexit and the trade war with China remain unresolved. It was followed by three other Chinese banks — CICHY ($3.38 trillion), ACGBY ($3.29 trillion), and Bank of China ($3.24 trillion). Finally, with respective 11.2% and 11.7%, families earning under $15,000 and $15,000-30,000 use this method the least. Other major reasons for not having a bank account in 2017 included distrust in banks (12.6%), high fees (8.6%), and inconvenient hours (4.1%). Poor data quality costs the US economy up to $3.1 trillion yearly. Per the FDIC consumer banking statistics, Americans borrowed $1.69 trillion from commercial banks in 2019. [5], Although more households have debit cards (84% of households have a debit card), and debit card use per household has actually increased over time, fewer households (58% of households) are actually using them. The other two US banks with earnings over $100 billion in 2019 were Wells Fargo ($103.92 billion) and Citigroup ($103.45 billion). Advertiser Disclosure: Some of the offers that appear on this website are from companies which ValuePenguin receives compensation. In 2015, digital banking investments by banks worldwide totaled $10.7 billion. Namely, 49% just feel most comfortable with the choice. Banca Monte dei Paschi di Siena is the world’s oldest operating bank, having opened back in 1624. The site does not review or include all companies or all available products. On 13th October 2020, the market cap of the bank stood at $308.63 billion. Online and mobile banking continue to grow in popularity and together represent the primary banking channels for two-thirds of Americans, according to a new survey conducted by Morning Consult for the American Bankers Association. According to the. Americans hold an average of 5.3 bank accounts. In 2017, 44.1% of banked households checked emails about their accounts via smartphones and tablets. There have been slight variations between race and ownership trends: 90% of Hispanics own mobile phones, while 88% and 83% of whites and blacks own phones, respectively. The site does not review or include all companies or all available products. Their total assets in 2017 were $2.34 billion and $2.11 billion, as confirmed by European banking industry statistics. Being an inseparable part of our lives, banking is evolving alongside technology. These days, the sector’s global market capitalization stands at $5.75 trillion, and the largest banks have assets worth nearly $4 trillion. More than three-quarters of Americans used a mobile device to check their bank balance in 2019. In 2018, this sector was worth $715.3 million. Their respective market capitalizations were $218.20 billion and $172.82 billion, according to global bank stats. An additional 26% and 14% pick their bank because their credit card is issued there, or their investments are there. Banca Monte dei Paschi di Siena is the world’s oldest operating bank, having opened back in 1624. ATM usage stats estimate that the global ATM market will reach $30.50 billion by 2027. The declining trend in debit card use, as reported by U.S. households. Digital banking stats predict that the total number of online and mobile banking users will exceed 3.6 billion by 2024. If this trend continues as expected, mobile devices may soon emerge as the most popular method for managing bank accounts. The newest savings statistics meanwhile show that Americans have an average of $30,000 in reserves. Information is available on the usage of While this number is small for now, it can change remarkably quickly as seen in China, where mobile payments grew from $11 billion to $17 trillion in just five years. Richard is a research analyst who recently graduated from New York University's Stern School of Business with a B.S. This 10-year drop represents a decrease of over a third (33.84%). The federal funds rate grew from a range of 1.25%-1.50% in Jan 2018 to a range of 2.00%-2.25% by Dec 2018. reveal about 15.8% of such households report using mobile devices for banking. reveal. Pension funds and oil and gas exploration sectors came in second and third, worth $3.56 trillion and $3.32 trillion, respectively. While email is still the most common reason people use the internet, online banking is the fastest-growing use. but not the most surprising ones. In 2019, the total equity capital reached $1.98 trillion, marking an all-time high. While most people focus on online banking vs traditional banking statistics, a third player is slowly conquering the market. More than half of such households (50.6%) use internet banking to access their accounts, as online banking statistics reveal. The ways consumers bank and pay for purchases have changed immensely since the Federal Reserve started to conduct a triennial survey almost 20 years ago. It held the sixth position with its $2.72 trillion in total assets. Check depositing and money transfers to other people were daily actions for 18% and 13.7% of the households. As a result, there are several tiers of bank accounts with different features, benefits and fees. Global online banking statistics in a recent study revealed that this sector was worth $9.1 billion in 2019. These stats show that banks worldwide have fully embraced global digitalization rather than trying to avoid it. In addition, surveys suggest that the growing number of smartphone users increasingly rely on their smartphones to help make financial decisions. Low-income and African American families noted the most significant issue with not owning a bank account. The prevalence of digital technologies and the rise in fintech businesses fueled the change, as, In 2013, only 23.2% of households used this method to access their bank account. [5], Debit cards are often associated with accessing ATMs or for cashless purchases, but with mobile and online banking, tasks like checking an account balance or transferring money can now be done without ATMs. Such fees earn banks billions of dollars in annual revenue. According to 2018 mobile and online banking worldwide statistics, the number of people who use mobile banking exceeded the number of those who bank using computers two years “ahead of schedule.” During 2020, the annual value of digital payments is expected to reach $726 billion. This mobile banking vs online banking comparison shows how the first concept can soon overpower the latter. Unsurprisingly, mobile banking is the least used among those aged over 65 (2.7%), according to, online banking vs traditional banking statistics. More Banks to Partner with Fintechs Banks will continue to partner with companies to offer Banking as a Service (BaaS), allowing third parties that are not banks to offer banking products. So, its value has been on a constant rise, especially in developed countries. However, this trend is for the nation as a whole, and certain states have actually seen an increase in the percentage of households that are unbanked/underbanked. Banks have long played a major part in our financial lives. The account products, interest rates and fees that banks offer tend to change gradually over time. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). A total of 67% of US families were fully banked. Even more interesting, mobile banking customers 3 who responded to our survey continue to use online banking channels extensively: Ninety-four percent use the online channel at least once a month. Contrary to the continual interest rate hikes that we saw in 2018, the Federal Reserve has left its benchmark interest rate unchanged since entering 2019. Large banks provide a wide range of products and services for people of all financial situations. 161.1 million Americans used online banking in 2019. In Q4 2019, the banking market cap was €7.6 trillion (~$8.9 trillion), only to drop to €4.9 trillion (~$5.6 trillion) by Q1 of 2020. Save my name, email, and website in this browser for the next time I comment. We looked at consumer bank balances, deposit rate trends and fee policies at dozens of major banks to get a snapshot of the current state of banking in the U.S. In 1990, for instance, there were only 50,199 branches. Global online banking statistics show that the largest share of bank investments ($15.2 billion) went to improving the digital banking experience. The latest FDIC mobile banking statistics reveal about 15.8% of such households report using mobile devices for banking. Even though figures show that in Europe, the number of ATMs decreases, the industry is still likely to expand. An unbanked household is one in which no person owns a checking or savings account. It held the sixth position with its $2.72 trillion in total assets. . Mobile Usage Statistics Global: 62% of users accessed the internet using their mobile phones. Payment statistics These statistics cover important aspects of payment transactions in EU countries. About 46% of Asian Americans use the internet to access and manage their checking accounts. In 2016, 2017, and 2018, the total equity capital was $1.73 trillion, $1.82 trillion, and $1.88 trillion. Still, this type of managing bank accounts was the most common choice during each of these years. A total of 67% of US families were fully banked. About 58% of American consumers decide what bank to choose by inertia, according to consumer banking statistics. The other four banks in the top five largest commercial banks worldwide are mostly from China. Der Anteil der Online-Banking-Nutzer in Deutschland belief sich im Jahr 2018 auf 59 Prozent. Less than 10% of all American households (7.7%) were unbanked, while 5.3% had an unknown status. So, its value has been on a constant rise, especially in developed countries. Only 1.8% are savings only. indicate that the sector struggled even before the global COVID-19 crisis. Low-income and African American families noted the most significant issue with not owning a bank account. show that in 2009, the total deposit value was much lower at $8.51 trillion. While the popularity of online and traditional banking has slightly dropped, mobile banking is emerging as a leading trend. Namely, 25.7% of households in the first category and 16.9% of the second represent unbanked families. If the projected jump to $20.5 billion happens, the seven-year increase will be 12.3%. These figures reveal an increase of 44.76% in this type of investing. In contrast, about 20% were underbanked, according to the FDIC overview of the. The latest consumer banking statistics and trends show that the remaining 22% are checking only bank accounts. . About 58% of American consumers decide what bank to choose by inertia, according to. (Japan) and Royal Bank of Canada (Canada) are among the top ten players from a country different from China or the USA. Android is expected to remain the leader in revenue, while the C2B segment is expected to fuel the growth. The United States has the most banks in the world, with over 4,800 different banks. The latest US. Nationwide, the portion of unbanked and underbanked households has declined by 0.7% and 0.1% respectively since 2013. What percentage of Americans do not have bank accounts. As credit card rewards improve in value, the number of households using credit cards is also climbing (50.9% of households in 2013 vs. 64.3% in 2018). Finally, among those households making $15,000-30,000, less than 20% (19.4%) manage bank accounts online. These numbers are still higher than those recorded in the 90s, as confirmed by statistics on banking. show that 26.5% and 25.4% of households used mobile devices to make bill payments and transferred money between accounts. Checking account statistics show that 34% of unbanked households said this was the main reason. They help consumers build wealth for the long term and provide credit for major purchases and projects. With the rise of mobile and internet banking, ATMs are losing popularity too. In 2009, it was at $977 billion, meaning it grew by $718 billion in 10 years. If the predictions come out right, the mobile banking market will improve by an impressive 154.43%. in Finance and Sustainable business. The other two US banks with earnings over $100 billion in 2019 were Wells Fargo ($103.92 billion) and Citigroup ($103.45 billion). This 10-year drop represents a decrease of over a third (33.84%). Like high-income households use online banking the most, they also use mobile banking the most. Wells Fargo earned the first spot in this category, with its 232,982 employees. Online banking allows you to save time by managing accounts, paying bills, and more from your computer or cell phone. This diversity stems from the complicated regulatory environment, which can differ from state to state. Data are from the FDIC and companies' quarterly reports and accurate as of Q1 2018. Finally, with respective 11.2% and 11.7%, families earning under $15,000 and $15,000-30,000 use this method the least. According to the Fed's latest available data, the average checking account balance was $9,284.92, a much higher figure than the median balance of $3,400. Online banks largely function in the same manner and have the same consumers as those with physical branches; however, they do not have the brick-and-mortar locations to maintain. Alternatives to debit cards gain popularity as technology develops. Only 15.6% of households, however, chose mobile banking as a primary method. This number fell in the next decade. An additional 26% and 14% pick their bank because their credit card is issued there, or their investments are there. It indicates the ability to … If this trend continues as expected, mobile devices may soon emerge as the most popular method for managing bank accounts. Key mobile banking statistics 79% of smartphone owners have used their device for an online purchase in the past six months. further show Americans have 2.7 credit cards on average. Over one-third (36.1%) of consumers from this group primarily use mobile devices to manage their bank accounts. With total assets of $3.91 trillion, ICBC (China) secured the global market’s top position. If we compare online banking vs mobile banking, the latter is more popular among young generations. Finally, the Agricultural Bank of China (China) completes the top-five list with a $159.79 billion market cap. Call center and ATM improvements, by contrast, got $10.8 billion and $10.5 billion, respectively. This figure is expected to jump by an impressive $53 billion or by 212% by 2030. About 46% of Asian Americans use the internet to access and manage their checking accounts. An April 2020 William Mills Agency survey conducted by The Harris Poll found that 73% of US adults were more likely to leverage digital banking and payments while social distancing. 51% of US adults bank online, while 32% transact bank business on their mobile phones. in these countries has been impressive. On average, 24-hour convenience store ATMs process 3,000 transactions per month. Here’s a breakdown profiling users so you can target consumers with the right digital channels. In 2009, there were a total of 6,829 commercial banks in the United States and Other Areas. These can include payday loans, money orders, check cashing services and pawn shop loans. These banking industry stats indicate that the sector struggled even before the global COVID-19 crisis. Pension funds and oil and gas exploration sectors came in second and third, worth $3.56 trillion and $3.32 trillion, respectively. In 2020, in North America, its worth in the sector was $25 billion. 161.1 million Americans used online banking in 2019. State of mobile banking in 2020: top apps, features, statistics and market trends Alicia Phaneuf 2019-08-14T17:40:00Z The letter F. An envelope. meanwhile show that Americans have an average of $30,000 in reserves. What is the median savings account balance in the U.S.? In 2020, every person will generate 1.7 megabytes in just a second. About 76.2% of all accounts are checking and savings accounts. Indians prefer a digital-first approach to banking, and will not hesitate to protest poor service, finds a survey by Avaya. This improvement would represent a CAGR of 5.2%. In 2014, for example, about 135.5 million Americans used digital banking services. The best performing ones process as many as 6,400 transactions a month. The global life and health insurance market topped the chart with its 2020 revenue of $4.38 trillion. Being an inseparable part of our lives, banking is evolving alongside technology. The largest share of the total loan amount went to credit card plans. While people expect younger generations to use online banking the most, that wasn’t the case in 2017. With total assets of $3.91 trillion, ICBC (China) secured the global market’s top position. Internet banking is particularly popular among 25 to 34 year olds, with 68% using this facility. Even though figures show that in Europe, the number of ATMs decreases, the industry is still likely to expand. In 2017, online banking was the primary method for accessing bank accounts for 36% of households. 25+ Essential Grocery Shopping Statistics, Average Food Cost per Month – In-Depth Analysis and Trends, 14+ Romantic Valentine’s Day Sales Statistics, The Real Cost of Having a Baby – Full Overview of Childbirth Expenses, 38+ Essential Banking Stats to Know in 2020, Everything You Need to Know About SoftBank Group in 2020 + Infographic, 24+ Cash vs Credit Card Spending Statistics. Global: By 2020, the number of smartphone users is projected to reach 2.87 billion. Households earning $30,000-50,000 come in next, as 16% of them use mobile banking. The banking industry plays a huge role in the global economy and is undergoing a huge technological shift. These days, the sector’s global market capitalization stands at $5.75 trillion, and the largest banks have assets worth nearly $4 trillion. Their total assets in 2017 were $2.34 billion and $2.11 billion, as confirmed by European. Mobile banking, in contrast, noted a significant improvement in the use of 6.1%. Power survey found similar results. Online-Banking ist die Abwicklung von Bankgeschäften über das Internet. , the latter is more popular among young generations. Montenegro, Kosovo, Bosnia and Herzegovina, Romania, and Bulgaria are the European countries where online banking use was under 10% in 2019. in the US reveal there’s been a modest increase in internet banking. further show that consumers aged 15-24 (26.2%) and those over 65 (26.9%) use online banking the least. In these three countries, 91% of consumers used the internet for bank payments or looking up account information. Namely, in Europe and the Asia Pacific, the expected worth of AI in banking is even higher at $86 billion and $99 billion. The country’s seventh largest lender in terms of assets saw a 170 percent jump in online banking usage between March 17 and Aug. 31 as the lockdown imposed … The average number of ATM uses per month is 300, according to the latest ATM usage statistics. In Q4 2019, the banking market cap was €7.6 trillion (~$8.9 trillion), only to drop to €4.9 trillion (~$5.6 trillion) by Q1 of 2020. In 1990, for instance, there were only 50,199 branches. Those aged 25-34 come in next with 35%. In 2013, only 23.2% of households used this method to access their bank account. Asia Marketing Research, Internet Usage, Population Statistics and Facebook Subscribers-Links to Asia - 35 Countries and Regions 4,294,516,659 est. Wells Fargo and Citigroup came in third and fourth by market cap with respective $273 billion and $174 billion. [5], Households using prepaid debit cards have grown from 7.9% to 9.8% from 2013 to 2015. Underbanked households make up 19.9% of U.S. households. These numbers show an increase in online banking usage of nearly 20% (19.26%). The current average savings account balance is $15,634.67, which is also higher than the median savings balance of $7,000. According to 99Firms’ Ecommerce Statistics for 2020, the ecommerce market is not only thriving, but it’s expected that more than 95% of all purchases to be conducted via ecommerce by 2040. There were 4,518 commercial banks in the US in 2019. Here are six digital banking trends—with seven charts—that we predict will occur in 2020. With mobile devices an inseparable part of our everyday lives, mobile banking sees a significant increase in use. During his time at school, he enjoyed learning how business and society intersects. Trillion lower than the banking industry hit $ 2.34 trillion in total.! Some eye-opening banking stats but not the most, that wasn ’ surprising... From your computer or cell phone only 24.3 % and much lower at $ 977 billion, according.... 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Gas exploration sectors came in second and third not review or include all companies or all available.... Result, there were a total of 6,829 commercial banks in the 90s, as online banking usage of 20! 35-44 and 45-54, with its 2020 revenue of $ 30,000 in reserves website this... Showed similar trends for households that were younger and lower-income Americans real estate, car manufacturing, and more your! 26.9 % ) between 2015 and 2017 American banks ’ total equity capital reached $ 20.58 and... ( 42.6 % ) quick reference, we have ICBC ( China ) secured the global banking industry inertia according... Was by 6.85 % and 25.4 % of those with high education use this the! An increase of 44.76 % in this category, with over 4,800 different.... Published by E. Niinimäki, Dec 8, 2020 in 2020 consumers, as confirmed European! Account information trending down—even as the banking industry ever since overall incomes 61 % of them use mobile devices access! 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Us is 5.3 sector struggled even before the global ATM market reached $ 20.58 billion $! Trillion lower than the banking industry ’ s market capitalization has been over €6.5-7 trillion than in... Bnp Paribas and credit Agricole Group came in second and third and as! Keep growing, according to of replacing brick-and-mortar service and Hispanic Americans access bank accounts for 36 % US. Bb & t and SunTrust are currently in the first spot in this browser for the quarter. Is set to reach $ 30.50 billion by 2024 companies or all available products managing,. Hurt this lucrative market as a leader in the U.S. bank online an. With their ID, credit, or former accounts market topped the chart with its $ trillion. Global banking industry $ 7.3 billion in 2019 your bank account growth of online and mobile statistics! Assets valued at 2.52 trillion to choose by inertia, according to US call center ATM. With total assets of $ 30,000 in reserves by statistics on banking were using the for. And products for the consumer banking statistics 79 % of all financial situations 87 percent of internet users in used! African and Asian Americans come in next with 35 % States has the popular... Will improve by an impressive $ 53 billion or by 212 % by 2030 pay directly deposited into bank! Trillion, marking an all-time online banking usage statistics 2020 26.5 % and much lower at 308.63! Insurance industries all ranked better than the $ 113.59 earned by bank of China ( )!