Digital Banking Habits on the Rise

Online banking trends in the U.S. are changing, according to the results of the BMO 2023 Digital Banking Survey, with half of Americans reporting that they plan to move more transactions online throughout 2023. 

Increasing deposits, transferring funds and viewing statements came in as the top digital banking actions Americans plan to prioritize this year. Additionally, most respondents surveyed (59%) said they want financial literacy resources within their digital banking apps, with that number increasing to 73% among those ages 18-34.

According to the survey, Americans rely heavily on digital banking. Just 34% of respondents claimed they could live less than a day without it, ranking digital banking nearly as important as a car (38%) and more important than having a dishwasher (20%). 

Among younger Americans ages 18-34, nearly half (45%) said they are completely reliant on digital banking with it being the only way they bank, compared to 43% of those ages 35 to 54 and only 20% of Americans 55 and up.

While the majority of Americans value all digital banking capabilities available, the following features are reported as the most important:
  • Improved digital-identification verification (86%
  • Credit-score monitoring (75%)
  • Personalized advice via digital banking platforms (65%
  • Budgeting and tracking tools (62%)
  • Financial literacy education (59%)

Financial literacy was also important, with most Americans (59%) wanting financial literacy tools and resources within their digital banking apps. That number increased to 73% among those ages 18-34. The No. 1 capability Americans want their digital banking app or website to possess is an easy-to-use, safe platform; 87% of respondents put these qualities at the top of the list.

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