The Rise of Online Banking
During the last decade, more and more Americans began transitioning to online banking. Who can resist the safety and simplicity of holding your finances in the palm of your hand? Social distancing measures in the wake of the Covid-19 pandemic seem to have dramatically accelerated this trend.
Recently, we surveyed over 1,000 people to gauge how they were feeling (from a financial perspective) about the COVID-19 crisis. Some of the most intriguing results were the ones discussing the attitudes towards online banking. If the COVID-19 crisis has inspired you to take a simple and safe approach to your finances, now might be the time to explore digital banks like BBVA.
82% of Americans are Concerned About Visiting Their Bank Branch
It is safe to say that the vast majority of Americans moved their banking activities to the digital sphere. In many cases, brick and mortar banks either weren’t open, or were operating with a very limited scope.
On top of that, the fear of getting infected also had a chilling effect on going to your local bank. According to a Lightico survey from March, 82% of the respondents were concerned about going to their bank out of risk to their health and safety.
So while people couldn’t (or wouldn’t) go into branches, they seemed to be enjoying the ease and safety of digital banking.
69% of Americans Say Online Banking Helps Them Stay on Top of Their Finances
Even more interesting were the splits on income. Natural Intelligence's research found that people who earn more are more positive towards banking online. 69% of respondents who made between $175,000 and $200,000 per year said digital banking helped them manage their finances “at least somewhat” or “very much so”. Meanwhile, 84% of respondents who made at least $200,000 said the same.
75% of Millennials in the U.S. Use Online Banking
So the data clearly shows the impact on digital banking for those with higher incomes. That’s not to say that lower incomes didn’t find it as valuable, but one explanation might be because they’re already used to the simplicity and ease of digital banking. Also, assuming a positive correlation between age and income, one would assume younger generations were already using digital banking, with older generations just now catching up on the digital trend. A study done by Accenture in 2018 showed just that. Almost 75% of Millennials in the U.S. used digital banking."
Compare top Online Banking providers and find your match:
Checking Accounts
BBVA is a hybrid physical, online and mobile bank. It offers online checking and savings accounts plus a range of other banking services like CDs, credit cards, and loans.
Savings Accounts
CIT Bank is an online bank offering savings accounts, money market accounts, and certificates of deposit. As an online bank with few overheads, CIT Bank is able to offer its customers better rates than what they would find at a regular bricks-and-mortar bank.
Checking & Savings Accounts
Discover is a trusted name for finance solutions and known for being a top credit card issuer. The company is also a leading online bank that offers good interest rates, a useful mobile app, and no fees.
So, is Online Banking Here to Stay?
The silver lining to the complex situation we’re facing right now is that it prompted us to look for better solutions. Online banking has been with us for over a decade, but many people were reluctant to opt in. Social distancing may have forced us to go online, but most chances are that we decide to stay there (after all, it saves us time and money).
How to Choose the Right Online Bank for You
So, do you need to reconsider your bank? And if so, why should you do that? According to the Global Consumer Survey 2020, 27% said they’d change their bank because of the terms and conditions for keeping an account, 23% said because of the security of their assets, and 17% said free-of-charge cash.
If you've been hesitant before, now might be the time to take the digital leap. Online banking is one way to keep yourself and your money safer.
How Do I Get Started?
You’ll be shocked to learn how easy it is to open up an online bank account. Take digital banking with BBVA, for example. Simply go to their website, fill out a few details, make your first deposit (as low as $25 dollars) and voila! You’re digitally banking from the comfort and safety of home.
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