While preventing cybercrime continues to be a hot topic, a recent survey regarding online banking habits reveal that it isn’t going anywhere. Online banking trends in the U.S. are expanding, 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. 

According to the survey, the following banking actions were what consumers plan to prioritize:

• Making deposits
• Transferring funds
• Viewing statements

As more banking happens online, this leads to the use of less paper, and paperless banking has been known to have a positive effect on the environment. According to The Financial Freedom Project:

If just 20% of U.S. households committed to online bill pay and enrolled in paperless billing and banking, the collective environmental impact is staggering:

• 1.8 million trees preserved per year
• 2 million tons of greenhouse gas eliminated per year
• 102.4 million fewer gallons of gasoline consumed per year
• 151 million fewer pounds of paper consumed per 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 35-54 and only 20% of Americans 55 and up.

While the majority of Americans value all the 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%)

As noted, the top capability Americans want their digital banking app or website to possess is an easy-to-use, safe platform. As online banking continues to increase in popularity, users should continue to familiarize themselves with cybersecurity best practices like using strong passwords and using two-factor authentication.

*Adapted from an article published by RIS Media

Sources:
https://www.prnewswire.com/news-releases/new-bmo-survey-reveals-changing-digital-banking-habits-in-the-us-301809672.html

https://www.thefinancialfreedomproject.com/go-green-save-the-benefits-of-paperless-billing-banking/#:~:text=But%20if%20just%2020%25%20of,of%20gasoline%20consumed%20per%20year

This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy.