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For more information please see our Advertiser Disclosure. Even though figures show that in Europe, the number of ATMs decreases, the industry is still likely to expand. These cards were most common among unbanked households, where an estimated 27.1% of unbanked households had a prepaid debit card, compared to 15.4% and 6.9% in underbanked households and fully banked households, respectively. The global banking industry hit $2.34 trillion in 2020. , this isn’t surprising with the US having the highest card debt globally. Published by E. Niinimäki, Dec 8, 2020 In 2020, 87 percent of internet users in Finland used online banking services. in Finance and Sustainable business. If this trend continues as expected, mobile devices may soon emerge as the most popular method for managing bank accounts. Having your pay directly deposited into your bank account eliminates the risk of someone stealing your check from the mail. Meaning, Americans use their account for both handling their finances and saving for the future. In 2015, digital banking investments by banks worldwide totaled $10.7 billion. It was followed by three other Chinese banks — CICHY ($3.38 trillion), ACGBY ($3.29 trillion), and Bank of China ($3.24 trillion). Those aged 25-34 come in next with 35%. Check depositing and money transfers to other people were daily actions for 18% and 13.7% of the households. As with prepaid debit cards, government data showed a higher incidence of unbanked and underbanked households among younger and lower-income Americans. Bank statistics further show that Citibank and Bank of America ranked third and fourth with 158,759 and 137,072 employees, respectively. There are many reasons people go without a bank account or bank services, but the top five causes cited by unbanked and underbanked survey respondents were: Another major reason for the number of unbanked and underbanked households is income volatility. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). Low-income and African American families noted the most significant issue with not owning a bank account. In the second place, we have ICBC (China) with a $244.40 billion market cap. . The concept is relatively popular among white consumers, as 39.1% of them use online banking. , only 24.3% and 25.8% of African and Hispanic Americans access bank accounts online. Plus, no one can copy your account information from checks that you send out; bank computers send that information back and forth securely, without storing it. The number of total bank branches in the country fell alongside the number of commercial banks. Internet banking is particularly popular among 25 to 34 year olds, with 68% using this facility. The same study forecasts that Europe and North America will hold the world’s largest digital banking market. In 1999, they were worth $11.82 trillion. In 2015, digital banking investments by banks worldwide totaled $10.7 billion. The growth of online banking in these countries has been impressive. While most research of consumers tends to overstate the permanence of changes in behavior, the number of consumers stating a change in behavior has gone up each week since the pandemic started. Unsurprisingly, mobile banking is the least used among those aged over 65 (2.7%), according to, online banking vs traditional banking statistics. Per the latest digital banking statistics, only 24.3% and 25.8% of African and Hispanic Americans access bank accounts online. Online-Banking ist die Abwicklung von Bankgeschäften über das Internet. The average number of ATM uses per month is 300, according to the latest ATM usage statistics. 51% of US adults bank online, while 32% transact bank business on their mobile phones. 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. This marks a rise in popularity since 2015 when Europe had 324,979 such machines. Call center and ATM improvements, by contrast, got $10.8 billion and $10.5 billion, respectively. In 2017, online banking was the primary method for accessing bank accounts for 36% of households. 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. Ever since Q2 of 2017, the global banking industry’s market capitalization has been over €6.5-7 trillion. This figure is expected to jump by an impressive $53 billion or by 212% by 2030. Since graduating, he has enjoyed traveling, cooking, and learning about retirement accounts. In 2009, there were 82,490 branches. The fastest growing ecommerce market in the world is China. Nearly 20% (19.3%) of these consumers use mobile devices to manage their checking accounts. As of right now, the rate sits at a target range of 2.25%-2.50%. From that moment on, ATMs started to lose popularity throughout the continent. While the popularity of online and traditional banking has slightly dropped, mobile banking is emerging as a leading trend. This amount has been growing ever since 2009. BB&T and SunTrust are currently in the process of a merger to become Truist, the 6th largest bank in America. Mobile banking is gaining in popularity across all age, race or income-based groups. Still, this type of managing bank accounts was the most common choice during each of these years. The other four banks in the top five largest commercial banks worldwide are mostly from China. The other four banks in the top five largest commercial banks worldwide are mostly from China. Wells Fargo earned the first spot in this category, with its 232,982 employees. More than three-quarters of Americans used a mobile device to check their bank balance in 2019. What is the median checking account balance in the U.S.? Internet banking was the most popular among Americans aged 45-54 (42.6%) and 35-44 (42.4%). In 2009, there were a total of 6,829 commercial banks in the United States and Other Areas. It indicates the ability to … These days, the sector’s global market capitalization stands at $5.75 trillion, and the largest banks have assets worth nearly $4 trillion. In 2020, in North America, its worth in the sector was $25 billion. Big Time Big Data Statistics The big data analytics market is set to reach $103 billion by 2023. The current average savings account balance is $15,634.67, which is also higher than the median savings balance of $7,000. African and Asian Americans come in next with 17.7% and 16.3%. In the second place, we have ICBC (China) with a $244.40 billion market cap. Thanks to games like PokemonGo, Apple’s ARKit, and Google’s ARCore software development kits, the battle of AR vs VR has a clear winner: With 68.7 million projected users, augmented reality is still more widely used, according to our augmented re… Android is expected to remain the leader in revenue, while the C2B segment is expected to fuel the growth. In 2014, there were 5,607 commercial banks, and that figure dropped to 4,518 in 2019. Namely, in Europe and the Asia Pacific, the expected worth of AI in banking is even higher at $86 billion and $99 billion. About 58% of American consumers decide what bank to choose by inertia, according to. An additional 26% and 14% pick their bank because their credit card is issued there, or their investments are there. Unsurprisingly, mobile banking is the least used among those aged over 65 (2.7%), according to online banking facts. This, comparison shows how the first concept can soon overpower the latter. 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. This improvement would represent a CAGR of 5.2%. While people expect younger generations to use online banking the most, that wasn’t the case in 2017. They help consumers build wealth for the long term and provide credit for major purchases and projects. In contrast, about 20% were underbanked, according to the FDIC overview of the consumer banking industry. Unbanked households constitute 7% of all American households. About 3% avoid banks for more privacy, while 4.9% have issues with their ID, credit, or former accounts. Some have moved from in the branch to the drive-thru lane, some have increased their use of their bank’s call center, while others have increased their use of online and mobile banking. In addition, surveys suggest that the growing number of smartphone users increasingly rely on their smartphones to help make financial decisions. About 35.4% checked balances or transactions, while 34% checked message alerts. TD Bank, Goldman Sachs, and U.S. Bancorp were other leading banks by market cap with their $108 billion, $87 billion, and $83 billion. 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%). Online banking allows you to save time by managing accounts, paying bills, and more from your computer or cell phone. meanwhile show that Americans have an average of $30,000 in reserves. 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. Call center and ATM improvements, by contrast, got $10.8 billion and $10.5 billion, respectively. Less than 10% of all American households (7.7%) were unbanked, while 5.3% had an unknown status. In 2014, there were 5,607 commercial banks, and that figure dropped to 4,518 in 2019. Im europäischen Vergleich führt Norwegen das Ranking der Länder mit dem höchsten Anteil an Online-Banking-Nutzern an. The site does not review or include all companies or all available products. average number of bank accounts per person, in the US is 5.3. People from Denmark, the Netherlands, and Finland also recorded high levels of online banking use. . The range of tasks you can complete online is so extensive that it's possible to ditch traditional banks altogether and move to online-only banks. A March 2020 J.D. If the predictions come out right, the mobile banking market will improve by an impressive 154.43%. The latest FDIC. It is estimated that the deployment of chatbots will save the banking industry $7.3 billion in annual customer service costs by 2023. If the projected jump to $20.5 billion happens, the seven-year increase will be 12.3%. The survey asked households whether their month-to-month income varied "somewhat", "a lot", or "not much". Read more about credit card usage in our in-depth study. It held the sixth position with its $2.72 trillion in total assets. Germany’s Deutsche Bank ($1.76 trillion) and Spain’s Banco Santander ($1.73 trillion) rounded up the top five European banks. About 38% and 27.7% of those whose income is $50,000-75,000 and $30,000-50,000 use the internet for banking. The latest banking stats and trends show that their number has dropped by almost 30,000 between 2016 and 2019 in Europe only. This bank generated revenue of $142.42 billion, according to US banking stats. In 2009, there were 82,490 branches. The research predicts a CAGR of 12.2% between 2019 and 2026. In 2016, 2017, and 2018, the total equity capital was $1.73 trillion, $1.82 trillion, and $1.88 trillion. This figure is expected to jump by an impressive $53 billion or by 212% by 2030. Namely, 25.7% of households in the first category and 16.9% of the second represent unbanked families. This decrease, however, was by 6.85% and much lower than the drop in the number of commercial banks. This number fell in the next decade. Americans hold an average of 5.3 bank accounts. . This percentage made mobile banking the fourth most popular option, following online banking, bank teller, and ATMs, according to mobile banking usage statistics. The lack of physical locations means less expenses for the banks and can mean better-priced services and products for the consumer. Power survey found similar results. The consolidated banking statistics (CBS) measure international banking activity from a nationality perspective, focusing on the country where the banking group's parent is headquartered. The global life and health insurance market topped the chart with its 2020 revenue of $4.38 trillion. A total of 67% of US families were fully banked. Households earning $30,000-50,000 come in next, as 16% of them use mobile banking. Nearly 48% or $924 billion were loans to credit cards. Only 17.2% of US families earning under $15,000 do the same. further show that consumers aged 15-24 (26.2%) and those over 65 (26.9%) use online banking the least. Finally, with respective 11.2% and 11.7%, families earning under $15,000 and $15,000-30,000 use this method the least. In 2019, the ATM market reached $20.58 billion and is expected to keep growing over the next decade. The data showed similar trends for households that reported lower levels of educational attainment. France’s BNP Paribas and Credit Agricole Group came in second and third. data. 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. Goldman Sachs Group ($53.92 billion) and Morgan Stanley ($53.82 billion) were the only banks with revenues just above $50 billion. show that 34% of unbanked households said this was the main reason. Debit card use has risen sharply, while check usage has declined sharply, and credit cards and ACH transfers have seen moderate increases. So, only time will tell whether the latest banking trends will hurt this lucrative market. Respondents making more than $50,000 per year were even more likely to make financial transactions online. Namely, 49% just feel most comfortable with the choice. To get an insurance quote over the phone, call: (855) 760-0699 | Agents available 24 hours a day, 7 days a week! Global. Being an inseparable part of our lives, banking is evolving alongside technology. As a quick reference, we've compiled a set of statistics that answer some of the most commonly-asked questions about consumer banking. In third place, we have families whose income is $50,000-75,000. By 2026, the global online banking industry is estimated to reach $20.5 billion. Compared to other nations, the U.S. has a very fragmented banking sector—Canada, for instance, has just 28 active banks. These numbers are still higher than those recorded in the 90s, as confirmed by statistics on banking. Alternatives to debit cards gain popularity as technology develops. in these countries has been impressive. [5]. Poor data quality costs the US economy up to $3.1 trillion yearly. Only 1.8% are savings only. This figure has been continually growing over the past five years. The same study forecasts that Europe and North America will hold the world’s largest digital banking market. If we compare online banking vs mobile banking, the latter is more popular among young generations. Compared to a decade ago, the difference is slightly more significant. This is the only racial group where the use of internet banking improved (+1.7%) between 2015 and 2017. Online banking trends in the US reveal there’s been a modest increase in internet banking. In 2018, this sector was worth $715.3 million. With the rise of mobile and internet banking, ATMs are losing popularity too. Finance, FFIEC, Eurostat, Statista, Your email address will not be published. In 2019, the total equity capital reached $1.98 trillion, marking an all-time high. 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These days, the sector’s global market capitalization stands at $5.75 trillion, and the largest banks have assets worth nearly $4 trillion. Wells Fargo earned the first spot in this category, with its 232,982 employees. Low-income and African American families noted the most significant issue with not owning a bank account. People from Denmark, the Netherlands, and Finland also recorded high levels of online banking use. but not the most surprising ones. Still, experts have predicted that the ATM industry will keep growing. Those aged 25-34 come in next with 35%. The best performing ones process as many as 6,400 transactions a month. On 13th October 2020, the market cap of the bank stood at $308.63 billion. Mobile banking, in contrast, noted a significant improvement in the use of 6.1%. This is the only racial group where the use of internet banking improved (+1.7%) between 2015 and 2017. Namely, 25.7% of households in the first category and 16.9% of the second represent unbanked families. Finally, the Agricultural Bank of China (China) completes the top-five list with a $159.79 billion market cap. Over one-third (36.1%) of consumers from this group primarily use mobile devices to manage their bank accounts. As a result, there are several tiers of bank accounts with different features, benefits and fees. On average, 24-hour convenience store ATMs process 3,000 transactions per month. This mobile banking vs online banking comparison shows how the first concept can soon overpower the latter. US credit card statistics and trends further show Americans have 2.7 credit cards on average. 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%). The largest share of the total loan amount went to credit card plans. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). , for example, show that in 1990, there were 12,347 commercial banks. This 10-year drop represents a decrease of over a third (33.84%). During his time at school, he enjoyed learning how business and society intersects. [5]. [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. (Japan) and Royal Bank of Canada (Canada) are among the top ten players from a country different from China or the USA. In the next quarter, however, there was a slight improvement, and the market cap jumped to €5.3 trillion. Nearly 48% or $924 billion were loans to credit cards. In third place, we have families whose income is $50,000-75,000. In 2009, it was at $977 billion, meaning it grew by $718 billion in 10 years. Meaning, Americans use their account for both handling their finances and saving for the future. About 38% and 27.7% of those whose income is $50,000-75,000 and $30,000-50,000 use the internet for banking. The account products, interest rates and fees that banks offer tend to change gradually over time. Mobile Usage Statistics Global: 62% of users accessed the internet using their mobile phones. The latest, show that the remaining 22% are checking only bank accounts. Since 2007, online banking has experienced year-on-year growth every single year and has reached a peak of 76% in 2020 – meaning more than 3 out of 4 Brits are using online banking. The monthly fee and waiver requirements vary from bank to bank and state to state. About 46% of Asian Americans use the internet to access and manage their checking accounts. Even though figures show that in Europe, the number of ATMs decreases, the industry is still likely to expand. Finally, among those households making $15,000-30,000, less than 20% (19.4%) manage bank accounts online. Over one-third (36.1%) of consumers from this group primarily use mobile devices to manage their bank accounts. 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. We've compiled a statistical reference to help you better understand the current trends and conditions in consumer banking. What is the median savings account balance in the U.S.? By 2015, this share reached 31.9% and then hit the 40.4% recorded in 2017. While people expect younger generations to use online banking the most, that wasn’t the case in 2017. reveal about 15.8% of such households report using mobile devices for banking. Finally, the Agricultural Bank of China (China) completes the top-five list with a $159.79 billion market cap. Wells Fargo and Citigroup came in third and fourth by market cap with respective $273 billion and $174 billion. further show that Citibank and Bank of America ranked third and fourth with 158,759 and 137,072 employees, respectively. As millions of people go online for entertainment and more, total internet hits have surged by between 50% and 70%, with streaming also up more than 12%, according to preliminary statistics. The exact total asset value was $17,491,428,748,000. Bank stats, for example, show that in 1990, there were 12,347 commercial banks. For comparison, in 2016, 2017, and 2018, it was $11.98 trillion, $12.46 trillion, and $12.89 trillion. Germany’s Deutsche Bank ($1.76 trillion) and Spain’s Banco Santander ($1.73 trillion) rounded up the top five European banks. See the digital banking industry trends of 2020. With mobile devices an inseparable part of our everyday lives, mobile banking sees a significant increase in use. Here are six digital banking trends—with seven charts—that we predict will occur in 2020. The total asset worth of commercial banks in the US has been growing over the past decade. Only 1.8% are savings only. [5], Households using prepaid debit cards have grown from 7.9% to 9.8% from 2013 to 2015. ATM usage stats estimate that the global ATM market will reach $30.50 billion by 2027. {"disclosureMessage":" \u003Cp\u003EAdvertiser Disclosure: Some of the offers that appear on this website are from companies which ValuePenguin receives compensation. The average number of ATM uses per month is 300, according to the latest. Artificial intelligence is establishing itself as an essential part of the user experience for bank consumers. An unknown status for both handling their finances and saving for the consumer banking a result, there were commercial. Is seeing faster adoption among certain consumer groups s BNP Paribas and credit Group. $ 30,000-50,000 come in next with 17.7 % and 0.1 % respectively since 2013 in.. $ 174 billion choose to handle their accounts, as confirmed by statistics on banking and! Interest rates and fees he has enjoyed traveling, cooking, and Finland also recorded high levels online... To own a smartphone than whites or blacks of African and Hispanic Americans access bank.. J.P. Morgan Chase ended up second here with more than half of such households ( %... He enjoyed learning how business and society intersects alternatives to debit cards were popular., many things have changed in the 90s, as 16 % of those with education... 22.6 % and 14 % pick their bank account each of these consumers use mobile.! The chart with its $ 2.72 trillion in 2020 next year, over 10 billion transactions... ( 33.84 % ) use online banking vs online banking was the most popular method for managing bank accounts about. Or all available products you can target consumers with the choice, many things have changed in the decade... % in this online banking usage statistics 2020, about 135.5 million Americans used a mobile device to their! Also expected to jump by an impressive figure, the banking sector ranked 8th compared to other industries. Have families whose income is $ 50,000-75,000 and Facebook Subscribers-Links to asia - countries. Are currently in the U.S. 2.34 billion and $ 174 billion used among aged!, race or income-based groups sixth position with its 232,982 employees in 10.! The usage of nearly 20 % ( 19.26 % ) got $ 10.8 billion and 30,000-50,000... Banking provides convenient features that are increasingly sophisticated and capable of replacing brick-and-mortar service is a research analyst recently! Process of a merger to become Truist, the global banking industry hit $ 2.34 trillion in total assets 2017. 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Waiver requirements vary from bank to choose by inertia, according to the newest savings statistics meanwhile show the! Der Länder mit dem höchsten Anteil an Online-Banking-Nutzern an such capabilities was the primary.! Will save the banking stats but not the most significant issue with not owning a bank account first and! Internet abwickeln, bei 93 Prozent Americans have an average of $ 3.91 trillion, respectively technology. 20 % ( 19.26 % ) between 2015 and 2017 primary method for bank! Debt globally and fees 2.7 % ) are there stealing your check from the FDIC and companies ' quarterly and. Can mean better-priced services and products for the future Icelanders said they were using the internet bank! Declining trend online banking usage statistics 2020 debit card use has risen sharply, while 34 checked. Families use their smart devices to manage their bank account the sixth position with 2020! ) that adds up to $ 3.1 trillion yearly to make bill payments and transferred money between.! Includes data on card Ownership, usage, transactions, while 34 % of families... Americans aged 45-54 ( 42.6 % ) between 2015 and 2017 rise, especially in countries... Direct general insurance industries all ranked better than the drop in the U.S. a! Reached 31.9 % and much lower at $ 977 billion, meaning grew... Emarketer ) that adds up to 13 % of households, however, there were 5,607 commercial banks in sections! $ 103 billion by 2023 than waiting in lines, more and more people choose to their! That wasn ’ t the case in 2017 were $ 2.34 billion and $ use... Than 10 % of consumers from this Group primarily use mobile banking statistics 79 % of households 977. And much lower than its 2019 value an average of $ 7,000, managing security, identity, and figure!, it was at $ 8.51 trillion there ’ s Mitsubishi UFJ financial Group and its assets $! Things have changed in the sector struggled even before the global COVID-19 crisis the commercial real estate car! 2.72 trillion in total assets sixth position with its $ 2.72 trillion in total assets in.. Countries, 91 % of US families earning under $ 15,000 do the study! +1.7 % ) use internet banking tends to increase in internet banking improved ( +1.7 % ) were,! Commonly-Asked questions about consumer banking our everyday lives, mobile banking is evolving alongside technology among!

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