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Mobile Banking Top Method for Account Access in 2019

Mobile Banking Top Method for Account Access in 2019

Posted: Oct 21 2020
Thirty-four percent of American households used mobile banking as the primary method of accessing their bank account in 2019, according to the FDIC’s How America Banks survey released this week. The share is more than double the figure from 2017, when 15.6% said mobile banking was their primary method. Most of the growth in mobile banking appeared to come from online banking, which fell from 36% in 2017 to 22.8% in 2019.
 
Meanwhile, 21% of respondents said they principally used a bank teller, down from 24.3% in 2017, while 19.5% said they primarily used an ATM, slightly less than in 2017. Less than 3% used telephone banking and other methods. The share of banked Americans who never visited a bank branch in 2019 rose from 14% to 17%, while the share visiting a branch 10 or more times in a year fell from 35.4% to 28.4%.
 
Both unbanked and banked Americans reduced their use of prepaid accounts from 2017 to 2019, with the overall use of prepaid dropping from 9.7% to 1.2%. The survey also showed that 32.3% of banked Americans used a nonbank P2P payment service such as Venmo or Cash App.
 
To read the survey, visit: https://www.fdic.gov/analysis/household-survey/2019report.pdf
 

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