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BMO survey shows US users leaning towards digital banking

Monday 1 May 2023 08:30 CET | News

North American banking group BMO has released a survey that reveals fluctuating online banking trends in the US.

 

One of the most relevant findings related to the fact that half of Americans (50%) reported they plan to move more transactions online throughout 2023. Increasing deposits, transferring funds, and viewing statements are reported as the top digital banking actions Americans plan to prioritize this year. Additionally, most Americans surveyed (59%) said they want financial literacy resources within their digital banking apps, with that number increasing to 73% among those ages 18-34.

 

North American banking group BMO has released a survey that reveals fluctuating online banking trends in the US.

 

Adding to Americans’ reliance on digital banking, BMO’s survey also found that only 34% of respondents 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.

Digital banking features Americans look for in a digital banking service

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%)

  • Personalised advice via digital banking platforms (65%)

  • Budgeting and tracking tools (62%)

  • Financial literacy education (59%)


A need for digital literacy

According to the survey results, an easy-to-use, safe platform was reported as the number one capability Americans want their digital banking app or website to possess with 87% agreeing.

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. Additionally, In BMO’s latest Real Financial Progress Index with a special focus on Financial Literacy Month in April 2023, more than three-quarters of Americans reported they want to improve financial literacy overall.


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Keywords: digital banking, online banking, survey, financial inclusion
Categories: Banking & Fintech
Companies: BMO
Countries: United States
This article is part of category

Banking & Fintech

BMO

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