Online Banking Statistics 2024 By Finance, Transactions, Growth

Online Banking Statistics: Online banking has revolutionized the way people manage their finances by providing convenient access to banking services through digital platforms.

It allows users to perform various transactions, such as checking account balances, transferring funds, paying bills, and even applying for loans, all from the comfort of their homes or on the go.

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• The Global Digital Transaction Management (DTM) Market is valued at USD 12.8 billion in 2023. With a projected CAGR of 23.4%, the market is set to reach USD 80.8 billion by 2032, showcasing its immense potential and promising opportunities for industry players.
• As of 2020, the number of online banking users worldwide reached 2.6 billion. (Source: Statista)
• According to the survey, 47% of consumers cited security concerns as the main reason for not using mobile banking services. (Source: Deloitte)
• By 2025, it is estimated that digital banking channels will account for over 90% of banking interactions globally. (Source: McKinsey & Company)
• Approximately 82% of traditional banks plan to increase partnerships with fintech companies in the next three to five years. (Source: PwC)
• In a survey, 76% of online banking users expressed satisfaction with their overall digital banking experience. (Source: Business Wire)
• By 2022, it is projected that 56% of global banks will have adopted open banking initiatives. (Source: Accenture)
• Around 77% of financial institutions are expected to integrate AI technologies into their customer service platforms by 2022. (Source: Business Insider)
• A survey found that 27% of consumers are interested in using cryptocurrencies for online banking services. (Source: deVere Group)

General Online Banking Statistics

• Globally, the number of digital banking users is projected to reach 3.6 billion by 2024. (Source: Statista)
• In the United States, approximately 73% of adults actively use online banking services. (Source: Federal Reserve)
• Worldwide, the number of mobile banking users is expected to surpass 1.75 billion by 2024. (Source: Statista)
• In the United States, 76% of adults use mobile banking apps. (Source: Pew Research Center)
• The number of online banking transactions is growing rapidly, with over 85% of banking customers using online channels for various transactions. (Source: McKinsey)
• In the UK, online banking customers made over 6.3 billion transactions in 2020, representing a significant increase compared to previous years. (Source: UK Finance)
• Security remains a top concern for online banking users, with 71% of consumers worrying about the security of their personal information. (Source: Global Banking & Finance Review)
• However, 85% of consumers feel that online banking is safe and secure. (Source: McKinsey)
• Customer satisfaction with online banking services is high, with 80% of customers expressing satisfaction with their online banking experience. (Source: McKinsey)
• In a survey, 68% of respondents rated online banking as their preferred method of banking. (Source: American Bankers Association)

Global Online Banking Adoption

• As of 2021, it is estimated that there are approximately 2.5 billion online banking users worldwide.
• The number of global online banking users is expected to reach 3.6 billion by 2024.
• North America: In the United States, around 81% of the population had used online banking as of 2020. (Source: Statista)
• Europe: In Western Europe, the online banking penetration rate is around 70%, with countries like Sweden, Denmark, and the Netherlands leading in adoption. (Source: European Central Bank)
• Asia Pacific: China has a high online banking penetration rate, with over 80% of Chinese internet users engaging in online banking activities. (Source: McKinsey)
• According to a survey, 54% of global respondents reported increased usage of online banking services during the pandemic. (Source: PwC)

Mobile Banking Trends

• As of 2021, it is estimated that there are approximately 2.8 billion mobile banking users worldwide. (Source: Statista)
• The number of global mobile banking users is projected to reach 3.8 billion by 2025. (Source: Juniper Research)
• In the United States, about 76% of adults use mobile banking apps. (Source: Pew Research Center)
• In the European Union, the mobile banking penetration rate was approximately 48% in 2020. (Source: European Central Bank)
• The mobile banking adoption rate is high in countries like China and India, driven by the increasing use of smartphones and mobile internet.
• In 2020, mobile banking apps were the most frequently used banking channel globally. (Source: The Financial Brand)
• In 2020, global mobile payment transaction volume reached approximately USD 4.3 trillion, and it is expected to exceed USD 13 trillion by 2025. (Source: Statista)
• According to a survey, 85% of consumers feel that mobile banking is safe and secure. (Source: McKinsey)

Traditional Banking Vs Online Banking

• As of 2022, approximately 70% of adults in the United States used online banking services, while 59% visited bank branches for their banking needs. (Source: Statista)
• The number of digital banking users worldwide is expected to reach 3.6 billion by 2024. (Source: Business Insider Intelligence)
• In 2020, 56% of adults in the United Kingdom preferred using digital banking channels over visiting branches. (Source: Statista)
• In a survey, 86% of online banking users cited convenience as the primary reason for using digital banking services. (Source: American Bankers Association)
• Mobile banking apps have witnessed significant growth, with 63% of smartphone owners using mobile banking in 2020. (Source: Federal Reserve)
• In a survey conducted in 2020, 68% of respondents considered online banking to be secure, while 29% expressed concerns about the security of their financial data. (Statista)
• The use of biometric authentication methods, such as fingerprint or facial recognition, has increased in online banking, providing enhanced security. (Source: Business Insider Intelligence)
• Mobile banking users conduct an average of 8.2 transactions per month, while branch-based users conduct 3.9 transactions per month. (Source: Accenture)
• In 2020, 46% of Americans used mobile banking apps to deposit checks, 44% to pay bills, and 41% to transfer money between accounts. (Source: Statista)
• Online banking customers have reported higher satisfaction rates compared to traditional banking customers, with 80% of digital banking users expressing satisfaction with their experience. (Source: American Bankers Association)

Leading Online Banking Platforms

1. Chase Bank:
   • Online banking users: Over 51 million.
   • Mobile banking users: Over 38 million (Source: Chase Bank)
2. Bank of America:
   • Online banking users: Over 36 million.
   • Mobile banking users: Over 28 million (Source: Bank of America)
3. Wells Fargo:
   • Online banking users: Over 30 million.
   • Mobile banking users: Over 23 million (Source: Wells Fargo)
4. Citibank:
   • Online banking users: Over 23 million.
   • Mobile banking users: Over 16 million (Source: Citibank)
5. JPMorgan Chase (JP Morgan Online):
   • Online banking users: Over 51 million.
   • Mobile banking users: Over 38 million (Source: Chase Bank)
6. Ally Bank:
   • Online banking users: Over 2.5 million (Source: Ally Bank)
   • Mobile banking users: 1.8 million
7. Capital One:
   • Online banking users: Over 14 million.
   • Mobile banking users: Over 10 million (Source: Capital One)

Digital Banking by Age – Online Banking Statistics

• Among individuals aged 15-24, 6.3% primarily use online banking, while a significant majority of 74.1% primarily use mobile banking.
• For the age group of 25-34, 12.9% primarily use online banking, whereas 69.4% primarily rely on mobile banking for their financial activities.
• In the 35-44 age group, 18.4% primarily use online banking, and 60.5% predominantly use mobile banking services.
• Among individuals aged 45-54, a larger portion of 22.8% primarily uses online banking, while 49.1% primarily utilize mobile banking.
• For the age group of 55-64, 27.3% primarily use online banking, whereas 33.2% primarily use mobile banking services.
• Among individuals aged 65 and above, the majority of 28.2% primarily use online banking, whereas 15.3% primarily rely on mobile banking for their financial needs. (Source: Bankrate)

Online Banking Statistics by Race/Ethnicity

• Two or more races: Among individuals identifying as belonging to two or more races, 20.6% primarily use online banking, while 52.3% primarily use mobile banking.
• Hispanic: Among individuals identifying as Hispanic, 11.6% primarily use online banking, while 49.6% primarily use mobile banking.
• Asian: Among individuals identifying as Asian, 25.7% primarily use online banking, while 48.6% primarily use mobile banking.
• Black: Among individuals identifying as Black, 12.1% primarily use online banking, while 45.4% primarily use mobile banking.
• White: Among individuals identifying as White, 25.8% primarily use online banking, while 41.1% primarily use mobile banking.
• Native American or Alaska Native: Among individuals identifying as Native American or Alaska Native, 13.3% primarily use online banking, while 50.6% primarily use mobile banking.

User Preferences and Behavior in Online Banking Statistics

• Mobile devices (smartphones and tablets) are increasingly popular for online banking.
• According to a survey by The Financial Brand, 71% of respondents preferred using a mobile app for their banking needs.
• Javelin Strategy & Research found that 76% of online banking users check their account balances online, while 67% transfer funds between accounts.
• Online banking has become a routine for many individuals, with frequent logins and transactions.
• A study conducted by Deloitte found that 40% of respondents accessed online banking services at least once a week, while 11% used them daily.
• Security is a key consideration for online banking users.
• The 2020 Norton LifeLock Cyber Safety Insights Report revealed that 70% of consumers worry about their financial information being compromised while using online banking services. (Source: Deloitte)

Online-only Bank Statistics

• According to a report by McKinsey, the number of customers using digital-only banks worldwide surpassed 39 million in 2020.
• A study by J.D. Power found that digital-only banks have higher customer satisfaction rates as compared to traditional banks. Digital banks scored an average of 865 points out of 1,000 in customer satisfaction. (Source: J.D. Power)
• In the United Kingdom digital banks accounted for 19% of all new checking accounts opened in 2020. (Source: Finder)
• Digital banks have gained popularity among the younger generation. A study by Deloitte found that 42% of millennials and 48% of Gen Z customers are a digital-only bank as their primary bank.
• A survey by Cornerstone Advisors revealed that 86% of digital banks offer P2P payments, 75% offer budgeting tools, and 55% offer investment services.
• As of 2021, Chime, a popular digital bank in the United States, reached a valuation of $14.5 billion. (Source: CNBC)

Online Banking Statistics – Security

• According to Identity Fraud Study by Javelin Strategy & Research, account takeover fraud increased by 72% from 2019 to 2020.
• A cybersecurity firm, Symantec, detected an average of 31,000 web application attacks per day in 2020, highlighting the ongoing threat to online banking security.
• In a survey by Javelin Strategy & Research, 55% of respondents used 2FA for their online banking activities.
• A study by OneSpan revealed that 61% of banks plan to implement biometric authentication methods within the next two years. (Source: OneSpan)
• Phishing attacks remain a significant threat to online banking security. In the APWG Phishing Activity Trends Report, it was revealed that there were over 222,000 phishing attacks reported in Q1 2021 alone.
• A survey conducted by PwC indicated that 61% of financial services CEOs expressed concerns about cyber threats, highlighting the industry’s focus on maintaining regulatory compliance and protecting customer information. (Source: PwC)

Top Online Banking Apps –

• Revolut: As of September 2021, Revolut had over 15 million users globally. (Source: Revolut)
• Chime: Chime, a digital banking platform in the United States, had over 12 million customers as of September 2021. (Source: Chime)
• N26: N26, a German digital bank, reported having over 7 million customers worldwide as of September 2021. (Source: N26)
• Monzo: Monzo, a UK-based digital bank, had over 5 million customers as of September 2021. (Source: Monzo)
• Ally Bank: Ally Bank, an online-only bank in the United States, had approximately 2.5 million customers as of September 2021. (Source: Ally Bank)
• Simple: Simple, a digital banking platform in the United States, had around 2 million customers as of September 2021. (Source: Simple)

Online Banking Statistics by Country

United States 

• Approximately 82% of adults in the United States used online banking services in 2020.
• About 64% of adults in the United States used mobile banking services in 2020.
• In 2020, 73% of online banking users in the United States reported using online bill payment services.
• P2P payment usage among online banking users in the United States increased to 52% in 2020.
• A study by J.D. Power revealed that overall customer satisfaction with online banking in the United States increased by 9 points to 869 (on a 1,000-point scale) in 2020. (Source: Federal Reserve)
• In 2022, there were about 203 million users of digital banking in the United States, which is expected to increase to 216.8 million users by 2025. (Source: Statista)

United Kingdom

• According to a report by the UK’s Office for National Statistics, in 2020, 91% of adults in the UK had used the Internet in the last three months, and 85% of adults regularly used online banking. (Source: Office for National Statistics)
• A study conducted by UK Finance in 2020 reported that 78% of adults used mobile banking apps, and mobile banking logins occurred more than 7.4 million times per day.
• The 2020 UK Payment Markets report by UK Finance highlighted that there were over 2.8 billion Faster Payments transactions in the UK, with a total value of £2.4 trillion.
• UK Finance reported that contactless payments accounted for 39% of all card transactions in 2020.
• The Open Banking Implementation Entity reported that, as of 2020, over 440 regulated providers were participating in Open Banking, offering a range of innovative financial services. (Source: UK Finance)

Europe

• In Europe, the overall online banking penetration rate stands at around 60%, according to the European Central Bank’s 2020 report on retail payments. (Source: European Central Bank)
• Mobile banking has gained significant popularity in Europe. As of 2020, around 46% of Europeans used mobile banking services, according to a study by ING.
• A study by McKinsey estimates that by 2025, digital payments will account for 66% of point-of-sale transactions in Europe. (Source: McKinsey)
• The Nordic countries (Sweden, Norway, Denmark, Finland) have high rates of online banking usage, with Sweden leading the way with an adoption rate of over 80%. (Source: Statista)
• In Germany, approximately 70% of the population uses online banking services, according to a survey by McKinsey. (Source: McKinsey)

Canada

• According to a 2021 survey conducted by the Canadian Bankers Association, 78% of Canadians use online banking as their primary banking channel.
• Mobile banking has gained popularity in Canada. As of 2021, 68% of Canadians use mobile banking regularly.
• The same survey by the Canadian Bankers Association revealed that 86% of Canadians use online banking for checking account balances, 80% for transferring funds, and 77% for paying bills.
• 92% of Canadians believe that their online banking is secure, according to a survey by the Canadian Bankers Association.
• Online banking adoption varies across different age groups in Canada. As of 2021, 96% of Canadians aged 18-34 use online banking, while 62% of Canadians aged 65 and older use online banking. (Source: Canadian Bankers Association)

Australia

• According to the Australian Communications and Media Authority (ACMA), as of December 2020, 83% of Australians aged 15 and above accessed the Internet for banking purposes. (Source: ACMA)
• The Australian Banking Association (ABA) reported that mobile banking usage has seen significant growth, with 73% of Australians using mobile banking apps in 2020, compared to 49% in 2015.
• A survey conducted by RFi Group found that the most common online banking activities among Australians in 2020 were checking account balances (89%), transferring funds between accounts (73%), and paying bills (72%).
• The Australian Cyber Security Centre (ACSC) reported that phishing attacks targeting online banking customers in Australia increased by 44% in 2020.
• The Roy Morgan Digital Payments Report indicated that as of March 2021, 72.4% of Australians aged 14 and above used online banking in an average four-week period. (Source: Roy Morgan)

Recent Developments

Merger and Acquisition:

• BBVA’s Acquisition by PNC Financial Services Group: PNC Financial Services Group, a major American bank, completed the acquisition of BBVA USA, the American subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA).
• The acquisition, valued at $11.6 billion, significantly expands PNC’s presence in the online banking sector and strengthens its digital banking capabilities.

New Product Launches:

• Chase Bank’s Launch of Virtual Wallet: Chase Bank introduced Virtual Wallet, a new online banking platform designed to provide customers with a comprehensive view of their financial accounts, transactions, and budgeting tools in one centralized dashboard.
• Virtual Wallet offers features such as customizable spending categories, goal tracking, and real-time alerts to help users manage their finances more effectively.

Funding:

• Funding Round for Digital Banking Startup: N26, a leading European digital bank, raised $100 million in funding in its latest funding round led by Allianz X and Tencent.
• The funding will support N26’s expansion efforts in the United States and other international markets, as well as the development of new digital banking products and features.

Innovation in Digital Banking Technologies:

• Development of AI-Powered Chatbots: Banks are investing in artificial intelligence (AI) technology to enhance customer service and engagement through the use of AI-powered chatbots.
• These chatbots can provide personalized assistance, answer customer queries, and perform transactions in real time, improving the overall online banking experience for users.

Expansion of Mobile Banking Apps:

• Expansion of Mobile Banking App Features: Banks are expanding the features and capabilities of their mobile banking apps to offer a more comprehensive suite of services to customers.
• These features may include mobile check deposits, peer-to-peer payments, budgeting tools, and financial education resources, catering to the evolving needs and preferences of digital banking users.

Key Takeaways

Online Banking Statistics – Online banking has become a pervasive and integral part of the modern banking landscape, offering convenience, accessibility, and a wide range of financial services to users around the world.

With the widespread adoption of internet connectivity and mobile devices, more and more individuals are embracing online banking as their preferred method of managing their finances.

Financial institutions and regulators are constantly working to enhance security measures and educate users about safe online banking practices.

Overall, online banking is expected to continue its upward trajectory as technology advances and customer preferences evolve.

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