The major turning point when digital banking transactions outstripped branch-based transactions has already passed. A much bigger milestone will be the point at which more consumers use digital-only providers as their primary financial institution than use traditional banks and credit unions. That day may be closer than many think. Impossible? New data show that only a couple of hurdles may stand in the way.
A survey of U.S. consumers by Marqeta, a digital card issuer, found that just 14% of Americans use a digital bank exclusively. A fairly modest number, considering the marketing and operational prowess of Ally Bank, Discover Bank and other online-only institutions. However, the survey also found that nearly half (43%) of Americans use a digital banking service alongside their primary bank, and that, of those, just over half (53%) prefer the service of the digital bank.
On top of that, 30% of American consumers have considered changing banks in the past year, according to Marqeta, and three quarters of them say they would consider a digital-only bank if they were to make a change.
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