How consumers use digital banks

How consumers use digital banks

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How Consumers Use Digital Banks

A PYMNTS and Treasury Prime
collaboration, draws on findings from
a survey of 2,124 U.S. consumers
to learn about their banking
relationships and how they use
digital banks. It also examines the
services they are seeking and what
would encourage them to switch to a
digital bank.

HOW CONSUMERS
USE DIGITAL BANKS
September 2022

TABLE OF
CONTENTS
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02
FinTech banking’s move to prominence . . . . . . . . . . . . . . . . . . 10
Getting consumers to make the switch . . . . . . . . . . . . . . . . . . 14
The growing adoption of FinTech banking . . . . . . . . . . . . . . . 20
Nontraditional banks for nontraditional customers . . . . . . . 24
The most popular institutions of the FinTech banking world 30
Conclusion and methodology . . . . . . . . . . . . . . . . . . . . . . . . . 36
About . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

ACKNOWLEDGMENT
How Consumers Use Digital Banks was produced in collaboration with Treasury Prime, and
PYMNTS is grateful for the company’s support and insight. PYMNTS retains full editorial
control over the following findings, methodology and data analysis.

2

Introduction
Introduction

How Consumers Use Digital Banks

3

Introduction
We are at the dawning of a new age — the
mainstreaming of digital banks. Some consumers might say they prefer to stick with
a tried-and-true traditional bank with nearby brick-and-mortar branches, but the data
says otherwise: Two-thirds of consumers PYMNTS surveyed have used a digital
bank.1 In particular, FinTech banking activities from both PayPal and Venmo have
experienced widespread adoption, with approximately half of consumers saying they
have used PayPal in the last year.

Consumers have already started making
digital banks a part of their personal banking infrastructures, allowing them to make
and receive payments and transfer money
more easily. For now, consumers are using these tools primarily in purpose-built
ways, but this has opened the door to increased amounts of digital-only banking.
Indeed, digital-only banking is already very
common among millennials, freelancers
and small business owners. Its appeal is so
diverse that both consumers earning more
than $100,000 annually and consumers

living paycheck to paycheck with difficulty
paying bills exhibit notable interest. Six out
of 10 consumers say they would be interested in joining a digital bank.
What is keeping consumers from making
the leap to these new financial institutions
(FIs)? We found the answer includes inertia,
distrust of these newcomers and comfort
with their current banks, but our findings
also suggest that this status quo may be
changing.

How Consumers Use Digital Banks, a
PYMNTS and Treasury Prime collaboration,
provides an in-depth view of the state of
digital banks in 2022. We surveyed 2,124
United States consumers between June
30 and July 7 about their banking relationships, their use of digital banks, what digital
bank services they are looking for and what
it would take to get them to switch to a
digital bank.
This is what we learned.

1
We define “digital banks” as banks and FinTechs that offer bank-like products and services through mobile apps or websites and,
unlike traditional banks, do not have physical branches. These include firms such as Ally, Chime, Current and Varo.

© 2022 PYMNTS All Rights Reserved

4

Introduction
Introduction

How Consumers Use Digital Banks

Digital banks are popular, but consumers
generally do not view them as primary
options. Although two out of three
consumers have used such banking
services in the last year, just one in 10 have
their primary accounts with a digital bank.

While consumers are typically comfortable using
FinTech banking services such as PayPal, Venmo,
Chime and others as auxiliary banking services —
supplements to the services offered by their more
traditional banks — few consumers exclusively
use digital-only banks. Excluding consumers who
have used PayPal and Venmo, 25% of consumers
have used a neobank, digital bank or FinTech with
bank-like services in the past 12 months. Just 10% of
respondents say that their primary bank accounts are
with digital banks.

Although 39% of traditional bank users
say digital banks can be true alternatives
to traditional ones, more than half have
no plans to switch to digital banks.
Lower fees are a key driver prompting
consumers to switch.

Consumers cited several reasons for their
disinterest in digital banks: 34% cited satisfaction
with their current bank as the most important
reason, 13% wanted to retain access to physical
branches, 15% cited concern for the overall security
of their money and information and 14% did not
trust the reliability or longevity of digital banks.
Ninety percent of consumers who use digital
banks as their primary FIs are satisfied with the
institution, while 84% of respondents using local
or community banks as their primary FIs and 81%
of respondents using national banks say the same.

5

Three out of five consumers are at least
somewhat interested in using a digital bank
in the next year, primarily for easy money
movement to third parties. A little more
than one-third of respondents are very or
extremely interested in using a digital bank
in the next year, largely for lower costs.

The primary reason consumers are interested in
using digital banks is for improved transfers: 43%
of consumers say this is their greatest motivator.
Thirty-three percent of respondents cited lower
costs as a reason for interest, with 11% saying it
was the most important reason; 17% cited better
notifications, with 3% saying this was the most
important reason for their interest. Millennials
are also interested in digital banks because they
perceive them to be more secure and because they
provide earlier access to the newest technologies,
among other reasons.

© 2022 PYMNTS.com All Rights Reserved

6

Section I
Introduction

How Consumers Use Digital Banks

Millennials, small to mid-sized business
(SMB) owners and financially stressed
consumers are most likely to make
a digital bank their primary bank.
More than three-quarters of each use
digital-only banking services.

PYMNTS’ data finds that 85% of freelancers, 84%
of millennials, 83% of small business owners and
78% of consumers who live paycheck-to-paycheck
and have issues paying their bills use digital-only
banking services.

7

More than half of all consumers
surveyed have used PayPal in
the past year, making it the most
common FinTech banking service
provider. Chime is the most used
dedicated digital bank.

PayPal and Venmo are heavy hitters in the space,
and dedicated digital banks are still far more
obscure. We found that 8% of consumers have
used Chime and 5% have used Ally. No other digital
bank or FinTech exceeds 5% usage among our
sample. Among consumers whose primary banks
are digital-only, 39% have used Chime, 12% have
used Varo, 11% have used Dave and SoFi money
and 10% used Ally and Current. Even among these
enthusiasts, no other digital banks or FinTechs
exceed 10% usage among primary FinTech bankers.

© 2022 PYMNTS All Rights Reserved

8

Section I
Introduction

How Consumers Use Digital Banks

Banking personas
PYMNTS’ research found that there are five types of bank users:

Table 1:

Banking personas
Statistics relating to banking histories, by persona

Primary FinTech bankers

Primary
FinTech
bankers

Primary
traditional
bankers

Auxiliary
FinTech
bankers

Mainstream
bankers

Unbanked

22M (9%)

53M (21%)

57M (21%)

106M (41%)

20M (7.6%)

These consumers’ primary banks are digital-only. This persona
represents an estimated 22 million consumers nationwide and 9% of
PYMNTS’ sample.

Real number of people (%)

Primary traditional bankers

Unbanked share

0

0

0

0

1

Primary FinTech banker share

1

0

0

0

0

Primary traditional banker share

0

1

1

1

0

Paycheck to paycheck and struggling

40%

17%

27%

26%

45%

Average income

$90,968

$84,507

$112,820

$87,585

$62,055

Average age

37

56

40

50

41

Used no digital banks

0%

100%

0%

0%

20%

These consumers do not use FinTech banking services at all, including
PayPal and Venmo. This segment represents approximately 53 million
consumers nationwide and 21% of PYMNTS’ sample.

Auxiliary FinTech bankers
These consumers’ primary banks are traditional, and they are loyal to
those institutions, yet they also utilize digital banks for specific needs.

9

Source: PYMNTS
How Consumers Use Digital Banks, September 2022
N = 2,124: Complete responses,
fielded June 30, 2022 – July 7, 2022

Mainstream bankers
These consumers’ primary banks are traditional, but they also tend to
use Paypal or Venmo. Mainstream bankers represent approximately 106
million consumers nationwide and 41% of PYMNTS’ sample.

The unbanked
These consumers do not have bank accounts or use any banks,
traditional, digital or otherwise. They represent approximately 20
million U.S. consumers and just less than 8% of PYMNTS’ sample.

© 2022 PYMNTS All Rights Reserved

10

Section II
FinTech banking’s move to prominence

How Consumers Use Digital Banks

FinTech
banking’s
move to
prominence
Whether they realize it or not, consumers have already mainstreamed FinTech banking. PYMNTS’
data finds that two-thirds of consumers already
use FinTech banking services in some form, including 84% of millennials and members of
Generation Z. The great leap, however, will be
consumers’ transition from using these banks as
auxiliary, extra services to holding their primary
bank accounts.
That has not yet occurred, however, and the
FinTech banking services of today often take the
form of a purpose-built application, such as PayPal
or Venmo. If we remove those two apps from our
survey, 25% of consumers have used a neobank,
digital bank or FinTech with bank-like services in
the past 12 months.
Despite this general familiarity with digital-only
banking, just roughly 10% of respondents say that
their primary bank accounts are with digital banks.

11

Figure 1A:

The transition to FinTech banking
Share of consumers who have used a digital bank in the past year
Used only Paypal or Venmo
Used at least one other digital bank
Total
41.8%
25.1%
66.9%

Sample
0000000042
0000000025

37.8%
45.4%
83.2%

Freelancer or independent contractor

42.6%
25.3%
68.0%

41.3%
36.2%
77.5%

44.2%
21.9%
66.0%

0000000037
0000000047
0
0
0
0
0
0
0
0
8
5

Small business owner or self-employed

37.9%
22.7%
60.7%

More than $100K
0000000043
0000000030
0000000073

37.4%
8.4%
45.7%

$50-$100K
0000000044
0000000022
0000000066

Less than $50K
0000000038
0000000023
0000000061

0000000045
0
0
0
0
0
0
0
0
8
3

42.9%
24.6%
67.6%

Do not live paycheck to paycheck
0000000041
0000000016
0000000057

Live paycheck to paycheck
without issues paying bills

44.1%
24.1%
68.3%
43.9%
40.1%
84.0%

Banked status

0000000038

Financial lifestyle

41.2%
15.5%
56.6%

43.3%
29.9%
73.3%

Generation
Baby boomers and seniors
0000000037
0000000008
0000000046

0000000067

Work status

37.4%
47.1%
84.5%

Income

27.8%
30.5%
58.3%

Banked
0000000043

42.0%
42.1%
84.1%

Generation X
0000000044
0000000024
0000000068

Bridge millennials
0000000042
0000000040
0
0
0
0
0
0
0
0
8
4

Millennials
0000000042
0000000042
0
0
0
0
0
0
0
0
8
4

0000000025
0000000068

Unbanked
0000000028
0000000031
0000000058

48.6%
34.8%
83.5%

Generation Z
0000000049
0000000035
0
0
0
0
0
0
0
0
8
4

Source: PYMNTS
How Consumers Use Digital Banks, September 2022
N = 2,124: Complete responses, fielded June 30, 2022 – July 7, 2022

0000000043
0000000025
0000000068

Live paycheck to paycheck with issues
paying bills
0000000041
0000000036
0
0
0
0
0
0
0
0
7
8

© 2022 PYMNTS All Rights Reserved

12

Section II
FinTech banking’s move to prominence

How Consumers Use Digital Banks

13

Income
Figure 1C:

Figure 1B:

The transition to digital-only banking

The transition to digital-only
banking

Share of bank consumers who have their primary financial accounts at digital banks
9.3%

1.8%

10.8%

17.0%

15.9%

13.3%

0000000052

Generation

Financial lifestyle

Baby boomers and seniors

Do not live paycheck to paycheck

0000000002

Generation X
0000000011

Bridge millennials
0000000017

7.8%

11.6%

5.7%

9.1%

14.4%

Millennials
0000000016

Generation Z

15.5%

0000000013

Income
8.8%

Share of consumers who have a checking or
savings account, by type of institution

Sample

More than $100K
0000000008

16.0%

Traditional Bank
Neobank
Other
Total

0000000006

Live paycheck to paycheck
without issues paying bills
0000000009

Live paycheck to paycheck with issues
paying bills
0000000014

83.0%
8.8%
0.6%
92.5%

Less than $50K
0000000012

0
0
0
0
0
0
0
0
9
3

Baby boomers and seniors

Freelancer or independent contractor
0000000016

Source: PYMNTS
How Consumers Use Digital Banks, September 2022
N= 1962: Respondents who own checking or savings accounts at financial institutions,
fielded June 30, 2022 – July 7, 2022

81.1%
10.2%
1.2%
92.5%
75.8%
15.6%
0.3%
91.7%
77.2%
14.6%
0.3%
92.1%
73.1%
11.3%
0.4%
84.7%

88.0%
5.6%
0.8%
94.4%

0
0
0
0
0
0
0
0
9
3
0000000002
0 0 0 0 01
0
0
0
0
0
0
0
0
9
6

Generation X

84.9%
8.8%
0.5%
94.2%

0
0
0
0
0
0
0
0
8
1
0000000010
0 0 0 0 01
0
0
0
0
0
0
0
0
9
3

Bridge millennials

More than $100K
0
0
0
0
0
0
0
0
8
6
0000000009
0 0 0 0 01
0
0
0
0
0
0
0
0
9
6

$50-$100K
0
0
0
0
0
0
0
0
8
7
0000000008

0
0
0
0
0
0
0
0
9
5

Less than $50K
0
0
0
0
0
0
0
0
7
5
0000000010
0 0 0 0 01
0
0
0
0
0
0
0
0
8
6

Financial lifestyle

0 0 0 0 01

Small business owner or self-employed

92.8%
2.1%
0.6%
95.6%

75.3%
10.1%
0.8%
86.2%

0000000009

Generation

0000000016

87.3%
7.7%
0.2%
95.2%

0
0
0
0
0
0
0
0
8
3

Work status

$50-$100K
0000000008

Sample

86.4%
8.5%
0.9%
95.9%

74.2%
12.6%
0.6%
87.5%

Do not live paycheck to paycheck
0
0
0
0
0
0
0
0
8
8
0000000006
0 0 0 0 01
0
0
0
0
0
0
0
0
9
4

Live paycheck to paycheck without
issues paying bills

0
0
0
0
0
0
0
0
8
5
0000000009
0 0 0 0 01
0
0
0
0
0
0
0
0
9
4

Live paycheck to paycheck with issues
paying bills
0000000074
0000000013
0 0 0 0 01
0
0
0
0
0
0
0
0
8
8

0
0
0
0
0
0
0
0
7
6

Work status

0000000016

0
0
0
0
0
0
0
0
9
2

Millennials
0
0
0
0
0
0
0
0
7
7
0000000015

77.9%
14.4%
0.4%
92.6%

0
0
0
0
0
0
0
0
9
2

Generation Z
0000000073
0000000011

75.8%
14.6%
0.8%
91.1%

Small business owner or self-employed
0
0
0
0
0
0
0
0
7
8
0000000014

0
0
0
0
0
0
0
0
9
3

Freelancer or independent contractor
0
0
0
0
0
0
0
0
7
6
0000000015
0 0 0 0 01
0
0
0
0
0
0
0
0
9
1

Source: PYMNTS
0
0
0
0
0
0
0
0
8
5

How Consumers Use Digital Banks, September 2022
N = 2,124: Complete responses, fielded June 30, 2022 – July 7, 2022

© 2022 PYMNTS All Rights Reserved

14

Section II
Getting consumers to make the switch

How Consumers Use Digital Banks

Getting
consumers
to make
the switch
Although primary FinTech banking is still rare, 39%
of consumers say digital banks can be true alternatives to traditional banks. Getting them to
actually make that switch will probably prove to
be a challenge: More than half of consumers who
say they consider digital banks legitimate alternatives still have no plans to switch.
We find that 53% of respondents are not even considering making digital banks their primary banks,
and 47% are hesitant about digital banks and want
to learn more before making any decisions. Strong
generational attitudes exist on this topic: 90% of
baby boomers and 66% of Gen X will not consider
using digital banks as their primary banks.
Another top reason to stick with the status quo
is satisfaction with one’s current bank, which
34% of consumers cited as their primary reason
for their disinterest in digital-only alternatives.

15

Figure 2A:

Consumers not yet ready to go digital only
Share of consumers who identified selected reasons for not being interested in using a digital bank in the next year
Most important
Selected but not most important
Total

33.6%
19.8%
53.4%
13.2%
23.9%
37.1%
14.4%
20.7%
35.2%

14.8%
19.5%
34.3%

2.0%
12.2%
14.2%

4.1%
9.7%
13.8%

2.0%
9.4%
11.5%

I am satisfied enough with current banking
and financial service provider setup.
0000000034
0000000020
0000000053

I want the ability to access a physical branch
0000000013
0000000030
0000000037

I do not trust the reliability of digital
banks.
0000000014
0000000021
0000000035

I am concerned for the overall safety and
security of money and information.
0000000015
0000000020
0000000034

It is harder to access customer service or
dispute charges.
0000000002
0000000012
0000000014

There are challenges with using
technology.
0000000004
0000000010
0000000014

It is difficult or inconvenient to use
products or services offered by digital banks.
0000000002
0000000009
0000000012

2.0%
8.0%
9.9%
1.0%
6.4%
7.4%
1.1%
6.3%
7.3%
1.1%
5.9%
7.0%

I would have to pay higher fees.
0000000002
0000000008
0000000010

I would not be able to use preferred
payment methods.
0 0 0 0 01
0000000006
0000000007

It is less convenient to track transactions.
0 0 0 0 01
0000000006
0000000007

It is more difficult to make transfers.
0 0 0 0 01
0000000006
0000000007

0.8%
4.2%
5.0%
0.5%
3.6%
4.1%
0.4%
2.6%
3.0%

5.0%
0.5%
5.5%

It takes more time to transfer funds.
0 0 0 0 01
0000000004
0000000005

I would not have instant transfer options.
0 0 0 0 01
0000000004
0000000004

I would not receive timely notifications.
0000000002
0000000002

Other
0000000005
0 0 0 0 01
0000000006

Source: PYMNTS

1.7%
4.1%
5.8%

1.1%
4.6%
5.7%

1.3%
3.9%
5.2%

I would not earn points or rewards.
0000000002

How Consumers Use Digital Banks, September 2022
N = 897: Respondents not interested in using a digital bank,
fielded June 30, 2022 – July 7, 2022

0000000004
0000000006

There is less flexibility in making
transfers.
0 0 0 0 01
0000000005
0000000006

There would not be enough options for
how to transfer funds.
0 0 0 0 01
0000000004
0000000005

© 2022 PYMNTS All Rights Reserved

Section II
Getting consumers to make the switch

How Consumers Use Digital Banks

16

17

Table 2:

Different banking personas and their FinTech banking readiness
Share of consumers who identified the most important reasons for not switching to a digital bank, by banking persona

Unbanked

Mainstream
bankers

Auxiliary
FinTech
bankers

Traditional
bankers

Primary
FinTech
bankers

I am satisfied enough with current banking and financial service provider setup.

16.5%

32.9%

36.7%

37.6%

17.9%

I want the ability to access a physical branch

7.3%

15.6%

7.4%

13.0%

20.3%

I do not trust the reliability of digital banks.

11.5%

13.6%

10.0%

17.7%

7.1%

I am concerned for the overall safety and security of money and information.

12.5%

14.3%

15.4%

15.6%

14.6%

It is harder to access customer service or dispute charges.

1.0%

1.7%

4.3%

1.6%

7.2%

There are challenges with using technology.

3.4%

3.1%

4.2%

5.3%

7.1%

It is difficult or inconvenient to use products or services offered by digital banks.

4.3%

2.5%

2.1%

1.1%

0.0%

I would have to pay higher fees.

8.1%

1.5%

3.5%

0.7%

4.7%

I would not be able to use preferred payment methods.

0.0%

1.5%

1.8%

0.3%

0.0%

It is less convenient to track transactions.

3.0%

1.2%

0.0%

1.0%

0.0%

It is more difficult to make transfers.

3.1%

0.8%

2.0%

0.9%

0.0%

I would not earn points or rewards.

3.2%

1.1%

3.9%

1.2%

4.7%

There is less flexibility in making transfers.

1.3%

1.8%

2.2%

0.0%

0.0%

There would not be enough options for how to transfer funds.

6.1%

1.0%

2.2%

0.4%

0.0%

It takes more time to transfer funds.

1.0%

0.9%

2.1%

0.4%

0.0%

I would not have instant transfer options.

1.5%

0.6%

0.0%

0.3%

2.3%

I would not receive timely notifications.

1.4%

0.4%

0.0%

0.0%

7.3%

Other

14.7%

5.7%

2.0%

2.9%

7.1%

Fifteen percent cited concern for the overall security of their money and information, 14% did not
trust digital banks’ reliability or longevity and 13%
wanted to retain access to physical branches.
Some consumers are excited by the idea of switching to a digital-only bank. PYMNTS’ research finds
that most consumers in specific demographics —
56% of millennials, 54% of small business owners
and 54% of freelancers — are at least somewhat interested in switching to a digital bank.
Interestingly, 43% of the unbanked would consider
enlisting digital banks for their primary accounts
if they were to enlist the services of a bank, and
38% of all respondents are interested in switching
to a digital bank for lower costs.
It is worth noting that 90% of consumers who primarily use digital banks are satisfied with their
choice, exceeding the 84% of respondents using local or community banks as their primary FIs
and the 81% of respondents using national banks
who are satisfied. Once consumers make the
digital-only switch, they are typically very satisfied with their decision.

Source: PYMNTS
How Consumers Use Digital Banks, September 2022
N = 897: Respondents not interested in using a digital bank,
fielded June 30, 2022 – July 7, 2022

© 2022 PYMNTS All Rights Reserved

18

Section II
Getting consumers to make the switch

How Consumers Use Digital Banks

Figure 3A:

Figure 3B:

Why consumers consider switching

Why consumers consider switching

Share of consumers who report select reasons for their interest in switching to a digital bank

Share of consumers who report select reasons for their interest in switching to a digital bank,
by banking persona

Most important
Selected but not most important
Total
14.4%
23.7%
38.0%
12.9%
24.2%
37.1%
9.1%
22.1%
31.3%

7.7%
20.1%
27.8%

4.5%
21.8%
26.3%

5.7%
19.3%
25.0%

7.8%
15.1%
22.9%

4.2%
17.5%
21.7%

Lower costs
0000000014
0000000024
0000000038

Faster transfer of funds
0000000013
0000000024
0000000037

Making transfers more easily and
conveniently
0000000009
0000000022
0000000031

Availability of instant transfer options
0000000008
0000000020
0000000028

More options for how to transfer funds
0000000005
0000000022
0000000026

More convenient ways of tracking my
transactions
0000000006
0000000019
0000000025

Better points or rewards offered
0000000008
0000000015
0000000023

Receiving better or more timely
notification
0000000004
0000000018
0000000022

4.8%
16.2%
21.0%
5.9%
12.8%
18.7%
4.3%
12.8%
17.2%

4.8%
11.5%
16.4%

3.9%
12.1%
16.0%

4.8%
10.3%
15.1%
2.5%
12.4%
14.9%

2.6%
0.0%
2.6%

More attractive or well-designed mobile
or web applications
0000000005
0000000016
0000000021

Better overall safety and security for my
money and information
0000000006
0000000013
0000000019

Earlier access to the most advanced
technologies
0000000004
0000000013
0000000017

Credit/FICO score boosting or credit
building tools
0000000005
0000000012
0000000016

Financial education tools

Mainstream bankers
Auxiliary FinTech bankers
Primary traditional bankers
14.1%
14.4%
15.4%
12.2%
14.4%
9.1%
9.8%
6.8%
16.9%

6.8%
8.8%
6.5%

7.3%
1.5%
4.5%

0000000004
0000000012
0000000016

Lack of satisfaction with my current bank
0000000005
0000000010
0000000015

Accessing customer service or disputing
charges more easily
0000000003
0000000012
0000000015

Other

8.9%
3.5%
0.0%

9.6%
7.4%
0.7%

2.1%
7.0%
1.7%

0000000003

0000000003

Lower costs
0000000014
0000000014
0000000015

Faster transfer of funds
0000000012
0000000014
0000000009

Making transfers more easily and
conveniently
0000000010
0000000007
0000000017

Availability of instant transfer options
0000000007
0000000009
0000000007

More options for how to transfer funds
0000000007
0000000002
0000000005

More convenient ways of tracking my
transactions
0000000009
0000000004

Better points or rewards offered
0000000010
0000000007
0 0 0 0 01

Receiving better or more timely
notification
0000000002
0000000007
0000000002

3.5%
6.7%
1.9%
5.7%
5.7%
7.9%
3.1%
6.2%
1.8%

3.8%
6.1%
3.9%

2.8%
4.5%
6.4%

4.4%
2.6%
18.0%
2.7%
2.5%
1.6%

3.0%
2.0%
3.8%

19

More attractive or well-designed mobile
or web applications
0000000004
0000000007
0000000002

Better overall safety and security for my
money and information
0000000006
0000000006
0000000008

Earlier access to the most advanced
technologies
0000000003
0000000006
0000000002

Credit/FICO score boosting or credit
building tools
0000000004
0000000006
0000000004

Financial education tools
0000000003
0000000005
0000000006

Lack of satisfaction with my current bank
0000000004
0000000003
0000000018

Accessing customer service or disputing
charges more easily
0000000003
0000000003
0000000002

Other
0000000002
0000000002
0000000004

Source: PYMNTS

Source: PYMNTS

How Consumers Use Digital Banks, September 2022

How Consumers Use Digital Banks, September 2022

N = 532: Respondents interested in switching to a digital bank,

N = 532: Respondents interested in switching to a digital bank,

fielded June 30, 2022 – July 7, 2022

fielded June 30, 2022 – July 7, 2022

© 2022 PYMNTS All Rights Reserved

20

Section II
A clear connection: Payments localization and conversion

How Consumers Use Digital Banks

21

The growing
adoption of
FinTech banking
Younger consumers’ wants and needs may
be helping digital banks move toward the
mainstream. Fifty-nine percent of consumers are at least somewhat interested
in using a digital bank in the next year,
primarily for easier money movement to
third parties. In total, 36% of consumers
are very or extremely interested in using a
digital bank in the next year. Many said improved ease of transfers, lower costs and
fewer fees were the greatest appeals.
Most millennials, at 57%, small business
owners, at 59% and freelancers, at 59%,
say they are very or extremely interested in
using a digital bank in the next year.

Another predictor of potential FinTech
banking is past experience. Of consumers
who have used just PayPal or Venmo in the
FinTech banking realm, 39% plan to use a
digital bank in the next year. Additionally,
68% of consumers who have used at least
one other digital bank plan to use another
in the next year.
Improved transfers top the list of reasons
consumers have digital-only banking interest, with 43% of consumers saying this was
their greatest motivator. The next-most
common motivator is lower costs, cited
by 33% of respondents, with 11% saying it
was the most important reason. Seventeen
percent of consumers said their primary
motivator was improved notifications, with
3% saying this was the most important reason for their interest.

Millennials, in particular, are interested in
digital banks because they perceive these
institutions as more secure and believe
that digital banks provide earlier access to
the newest technologies. Some of the perceived benefits include additional flexibility
around sending money to others, mobile
check deposits, cash advances and the opportunity to buy or trade cryptocurrencies.
Additionally, small business owners mentioned interest in digital banks for their
low cost and ease of money transfers.
Small business owners also indicate that
they perceive digital banks as providing
higher-quality and more timely notifications.

59%

Share of
freelancers who
say they are very
or extremely
interested in using
a digital bank

© 2022 PYMNTS All Rights Reserved

22

Section I
The growing adoption of FinTech banking

How Consumers Use Digital Banks

57%

Figure 4:

Consumer interest in digital banks
Share of consumers interested in using a digital bank in the next 12 months
Extremely or very interested
Somewhat interested
Slightly or not at all interested
35.8%
23.6%
40.6%

Sample
0000000036
0000000024
0000000041

Generation

13.1%
20.7%
66.2%
38.8%
24.7%
36.5%
57.0%
20.1%
22.8%

56.6%
22.7%
20.7%

45.3%
31.2%
23.6%

Baby boomers and seniors
0000000013

44.3%
21.2%
34.5%
32.3%
26.7%
41.0%

0000000021
0000000066

Generation X
0000000039

29.7%
23.3%
47.0%

Income

Digital bank relationship

More than $100K

Familiar with digital banks but have not
used

0000000044
0000000021
0000000035

$50-$100K
0000000032
0000000027
0000000041

Less than $50K
0000000030
0000000023
0000000047

Work status

Bridge millennials
0000000023

59.1%
20.4%
20.4%

Millennials
0000000057
0000000023
0000000021

Generation Z
0000000045
0000000031
0000000024

73.9%
18.5%
7.6%

0000000021
0000000070

Have used a digital bank
0000000050
0000000027
0000000024

Primary FI is a digital bank
0000000074
0000000019
0000000008

How Consumers Use Digital Banks, September 2022

0000000037

0000000020

50.0%
26.6%
23.5%

0000000009

Source: PYMNTS

0000000025

0000000057

9.1%
20.8%
70.2%

58.5%
17.6%
23.8%

Freelancer or independent contractor
0000000059
0000000020
0000000020

Small business owner or self-employed
0000000059
0000000018
0000000024

N = 2,124: Complete responses,
fielded June 30, 2022 – July 7, 2022

Share of millennials
and bridge millennials
who are very or
extremely interested
in using a digital bank

23

24

Section I
Nontraditional banks for nontraditional customers

How Consumers Use Digital Banks

25

Nontraditional
banks for
nontraditional
customers
Millennials, freelancers, small business
owners and consumers who live paycheck to paycheck with issues paying bills
— major groups who do not exactly fit the
classical mold of a traditional FI customer
— are more likely to gravitate toward digital banks.
PYMNTS’ research found that respondents
who use digital banks as their primary FIs
expect different services than respondents
who primarily use traditional FIs. For example, we found that 30% of primary FinTech
bankers expect to use cash advances, compared to 23% of consumers who primarily
use traditional banks. We also found that
14% of consumers who primarily use digital

banks expect to be able to trade crypto through their primary banks, compared
to 11% of consumers who bank with traditional FIs.
Features are not all that draw in consumers.
PYMNTS’ research found notable gulfs in
different consumers’ priorities. Consumers
who prefer banking with neobanks or digital
banks are more likely to value FIs that align
with their occupations or values, at 16%
versus 11% for those who bank with traditional FIs. This latter group was far more
likely to care about traditional offerings
such as mortgages: 45% of traditional bank
customers value them — a share that drops
to 19% among those who primarily use digital banks.

© 2022 PYMNTS All Rights Reserved

26

Section I
Nontraditional banks for nontraditional customers

How Consumers Use Digital Banks

Figure 5A:

Figure 5B:

Consumers’ banking expectations

Consumers’ banking
expectations

Share of consumers who expect certain products or services from certain types of FIs

Average number of products or services expected
from a financial services provider, by FI type

Traditional bank
Neobank

74.8%
56.9%
69.0%
50.3%
66.6%
52.3%
65.6%
54.9%
55.8%
37.2%
55.1%
34.4%
53.7%
43.6%
51.3%
36.4%
48.5%
42.5%
46.3%
44.4%

Checking account
0
0
0
0
0
0
0
0
7
5
0000000057

Savings account
0000000069
0000000050

Credit or debit card
0000000067
0000000052

Debit cards
0000000066
0000000055

Viewing statements and account
balances
0000000056
0000000037

Credit cards
0000000055
0000000034

Transferring funds between your own
accounts
0000000054
0000000044

Bill pay services
0000000051
0000000036

Mobile check deposit
0000000049
0000000043

Balance alerts
0000000046
0000000044

27

46.2%
35.2%
46.0%
29.5%
44.3%
42.1%
43.1%
41.7%
43.4%
44.8%
41.2%
28.6%
34.2%
18.6%
28.7%
33.8%
28.2%
24.6%
24.9%
30.0%

Accessing customer service
0000000046
0000000035

Finding nearby ATMs
0000000046
0000000030

Transaction alerts
0000000044
0000000042

Instant money transfer
0000000043
0000000042

Sending money to others
0000000043
0000000045

Personal loan
0000000041
0000000029

Mortgage
0000000034
0000000019

Peer-to-peer payment and money
transfer
0000000029
0000000034

Credit/FICO score boosting or credit
building tools
0000000028

25.2%
21.4%
24.4%
23.6%
21.6%
22.1%
20.5%
19.5%
11.1%
14.1%
11.0%
15.6%
2.8%
2.7%
0.8%
0.0%

Budgeting and tracking tools

0

0000000025

Credit union
0
0
0
0
0
0
0
0
7
7

11.6

0000000021

Budgeting and spending tracking tools
0000000024

0

0000000024

0

Cardless ATM withdrawal

National bank

0000000022

0

Financial education tools
0000000021
0000000020

0

Selling and buying cryptocurrencies
0000000011

0

0000000014

Better alignment with occupation or
values
0000000011
0000000016

0

15

0000000074

11.1

Regional bank

15

0000000071

10.6

0000000022

15

Digital/online bank

15

0000000064

9.6

Local/community bank

15

0000000062

9.3

Financial technology company

15

0000000041

6.2
Other

15

0000000061

9.1
Source: PYMNTS

How Consumers Use Digital Banks, September 2022

None of these

N = Varies based on type of FI,
fielded June 30, 2022 – July 7, 2022

0000000003
0000000003

Other
0 0 0 0 01

Source: PYMNTS
How Consumers Use Digital Banks, September 2022
N = 1,766: Traditional bank users; N = 183: Neobank users,
fielded June 30, 2022 – July 7, 2022

0000000025

Cash advance
0000000025
0000000030

© 2022 PYMNTS All Rights Reserved

28

How Consumers Use Digital Banks

Nontraditional banks for nontraditional customers

29

Table 3:

Expected products, services and values
Share of consumers who expect each product, service or attribute, by banking persona
Sample

Primary
FinTech
bankers

Traditional
bankers

Auxiliary
FinTech
bankers

Mainstream
bankers

Unbanked

Checking account

69.4%

56.9%

86.9%

65.3%

73.6%

25.1%

Savings account

64.2%

50.3%

81.9%

61.2%

66.8%

27.3%

Credit or debit card

62.6%

52.3%

76.5%

60.2%

65.0%

30.3%

Debit cards

62.6%

54.9%

77.2%

60.7%

62.0%

40.0%

Viewing statements and account balances

51.6%

37.2%

68.0%

49.8%

52.9%

20.9%

Credit cards

50.8%

34.4%

62.8%

50.1%

54.0%

22.0%

Transferring funds between your own accounts

50.4%

43.6%

63.4%

49.5%

51.0%

22.8%

Bill pay services

48.1%

36.4%

58.8%

46.5%

50.1%

25.6%

Mobile check deposit

46.6%

42.5%

50.3%

51.4%

46.1%

30.0%

Balance alerts

45.0%

44.4%

50.2%

44.5%

45.3%

30.5%

Accessing customer service

43.1%

35.2%

56.0%

41.7%

43.8%

16.7%

Finding nearby ATMs

42.6%

29.5%

53.3%

43.1%

43.5%

22.6%

Transaction alerts

42.6%

42.1%

49.6%

44.0%

42.0%

23.6%

Instant money transfer

42.3%

41.7%

40.2%

46.2%

43.0%

33.1%

Sending money to others

42.2%

44.8%

41.8%

48.9%

41.2%

25.6%

Personal loan

37.9%

28.6%

54.3%

33.4%

38.8%

12.4%

Mortgage

31.2%

18.6%

45.4%

32.0%

29.7%

12.0%

Peer-to-peer payment and money transfer

28.1%

33.8%

24.0%

37.2%

26.2%

16.4%

Credit/FICO score boosting or credit building tools

26.8%

24.6%

29.1%

29.8%

26.8%

15.0%

Cash advance

24.8%

30.0%

23.6%

26.8%

24.2%

19.8%

Budgeting and tracking tools

23.9%

21.4%

24.5%

29.3%

23.1%

13.6%

Budgeting and spending tracking tools

23.5%

23.6%

24.8%

27.2%

22.4%

15.0%

Cardless ATM withdrawal

20.7%

22.1%

19.8%

28.5%

18.5%

10.3%

Financial education tools

19.7%

19.5%

21.8%

23.9%

18.0%

11.7%

Selling and buying cryptocurrencies

11.1%

14.1%

8.6%

14.8%

10.4%

8.4%

Better alignment with occupation or values

11.0%

15.6%

7.4%

16.8%

9.5%

6.6%

None of these

3.9%

2.7%

1.1%

2.4%

3.8%

16.8%

Other

0.9%

0.0%

0.8%

0.7%

1.1%

1.9%

30%

Share of primary FinTech bankers who
expect to use cash advances

Source: PYMNTS
How Consumers Use Digital Banks, September 2022
N = 2,124: Complete responses
fielded June 30, 2022 – July 7, 2022

© 2022 PYMNTS All Rights Reserved

30

How Consumers Use Digital Banks

The most popular institutions of the FinTech banking world

The most popular
institutions of the
FinTech banking
world
Consumers have options when selecting
the right digital bank, but many gravitate
toward the two digital-only banking service mainstays. Fifty percent of consumers
have used PayPal in the past year, making
it the most common FinTech banking services provider by far, and 24% used Venmo.
Other options are far less popular: 8% have
used Chime, 5% have used Ally and no other digital bank or FinTech exceeds 5% usage
among our sample.
Of consumers who keep their primary bank
accounts with digital banks, 39% have used
Chime, 12% have used Varo, 11% have used
Dave and SoFi money, and 10% have used
Ally and Current. No other banks or FinTechs
exceed 10% usage among primary FinTech
bankers. Even among the most ardent digital bank users, PayPal, used by 64% of
primary FinTech bankers, and Venmo, used
by 31% of them, reign supreme.

The pattern is clear among nontraditional
consumers as well. In the past year, 52% of
millennials used PayPal, 16% used Venmo
and 7.5% used Chime; no other digital
banks exceeded 5% usage. Small business
owners matched those figures closely:
Approximately half used PayPal, 17% used
Venmo and 6% used Chime in the same
span, with no other banks exceeding 5%
usage among small business owners.
As these established patterns generally repeat across different personas, it is clear
that PayPal is the most popular FinTech
banking tool. Although baby boomers and
seniors are frequently outliers, 37% of them
have used PayPal in the last year. Because
the use of banking services tends to predict
willingness to switch entirely to digital-only
banking, we may see the number of switchers ascend to the type of ubiquity that
PayPal and Venmo now have.

31

Table 4:

The most popular FinTech banking choices
Share of consumers using the top five sources of FinTech banking in the last year

Paypal

Venmo

Chime

Ally

SoFi Money

Most used

39.0%

12.1%

4.1%

2.2%

1.0%

Used, but not the most used

10.8%

12.0%

4.3%

2.8%

2.3%

Familiar, but have not used

26.5%

34.2%

36.5%

26.3%

17.5%

Total

76.3%

58.3%

44.8%

31.3%

20.7%
Source: PYMNTS

How Consumers Use Digital Banks, September 2022
N = 1,874: Consumers who are familiar with digital banks, fielded June 30, 2022 – July 7, 2022

50%

Share of consumers who have used
PayPal in the past year

© 2022 PYMNTS All Rights Reserved

How Consumers Use Digital Banks

32

The most popular institutions of the FinTech banking world

33

Table 4:

Consumers and their digital banks
Most used digital bank in the last year, by generation

Table 3:

The most popular FinTech banking choices
Share of consumers using banks other than the top five in the last year
Most used

Used, but
Familiar, but
not the
have not used
most used

Total

Varo

0.9%

2.3%

9.9%

13.1%

Dave

0.8%

2.7%

8.7%

12.1%

Current

0.8%

1.9%

8.4%

11.1%

GoBank

0.6%

2.1%

7.4%

10.1%

Marcus by Goldman Sachs

0.4%

1.4%

8.2%

10.0%

BankMobile

1.4%

1.7%

4.8%

7.8%

MoneyLion

0.4%

1.8%

5.3%

7.6%

Aspiration

0.1%

1.4%

5.9%

7.4%

Oxygen

0.4%

1.4%

2.8%

4.6%

Revolut

0.3%

1.2%

3.0%

4.4%

NorthOne

0.2%

0.9%

3.2%

4.3%

Digit

0.2%

0.9%

3.1%

4.2%

Lili

0.3%

0.8%

3.0%

4.1%

Step

0.0%

1.1%

1.5%

2.7%

Azlo

0.1%

0.8%

1.7%

2.6%

Be Money

0.2%

0.8%

1.3%

2.3%

BankNovo

0.2%

0.7%

1.2%

2.1%

Joust

0.1%

0.4%

1.2%

1.6%

Unifimoney

0.1%

0.4%

1.1%

1.6%

Other

1.0%

0.7%

0.2%

2.0%

Familiar but have not used a digital bank in the last 12 months

22.0%

Not familiar with any digital banks

11.1%

Generation Z

Millennials

Bridge millennials

Generation X

Baby boomers
and seniors

Paypal

40.8%

51.5%

55.6%

63.4%

74.4%

Venmo

28.8%

17.6%

15.6%

16.2%

13.9%

Chime

6.9%

7.5%

6.5%

6.4%

3.0%

Ally

2.8%

3.9%

4.2%

2.2%

4.2%

BankMobile

3.3%

3.2%

2.5%

1.6%

0.0%

Other

3.9%

1.3%

1.1%

0.7%

1.4%

SoFi Money

4.4%

1.3%

1.9%

0.8%

0.6%

Varo

0.3%

2.4%

2.6%

1.3%

0.6%

Current

0.9%

2.6%

0.8%

0.7%

0.0%

Dave

0.5%

1.7%

1.4%

1.1%

0.6%

GoBank

1.2%

0.6%

1.2%

1.6%

0.3%

Marcus by Goldman Sachs 0.0%

0.8%

1.4%

1.0%

0.5%

MoneyLion

1.2%

1.0%

0.5%

0.5%

0.0%

Oxygen

0.8%

1.0%

1.3%

0.2%

0.3%

Revolut

0.7%

0.9%

1.3%

0.0%

0.0%

Lili

0.9%

0.6%

0.4%

0.3%

0.0%

NorthOne

0.5%

0.6%

0.0%

0.0%

0.3%

BankNovo

0.0%

0.7%

0.3%

0.3%

0.0%

Digit

0.0%

0.3%

0.0%

0.7%

0.0%

Be Money

0.5%

0.0%

0.4%

0.7%

0.0%

Aspiration

0.4%

0.0%

0.0%

0.3%

0.0%

Unifimoney

0.4%

0.2%

0.3%

0.0%

0.0%

Azlo

0.7%

0.0%

0.0%

0.0%

0.0%

Joust

0.0%

0.2%

0.4%

0.0%

0.0%

Step

0.0%

0.2%

0.3%

0.0%

0.0%

Source: PYMNTS
How Consumers Use Digital Banks, September 2022
N = 1,874: Consumers who are familiar with digital banks

Source: PYMNTS

N = 339: Small business owners who are familiar with digital banks and have used one, fielded June 30, 2022 – July 7, 2022

How Consumers Use Digital Banks, September 2022
N = 1,389: Respondents who are familiar with digital banks and have used one, fielded June 30, 2022 – July 7, 2022

© 2022 PYMNTS All Rights Reserved

34

How Consumers Use Digital Banks

The most popular institutions of the FinTech banking world

Figure 6:

The most popular FinTech banking choices
Digital banks most used by small business owners or self-employed individuals in the last year

48.1%
17.1%
6.0%
3.3%
4.3%
0.8%
2.7%
2.3%
2.9%
1.6%
1.3%
0.8%
0.8%

Paypal
0000000048

Venmo
0000000017

Chime
0000000006

Ally
0000000003

BankMobile
0000000004

Other
0 0 0 0 01

SoFi Money
0000000003

Varo
0000000002

Current
0000000003

Dave
0000000002

GoBank
0 0 0 0 01

Marcus by Goldman Sachs
0 0 0 0 01

MoneyLion
0 0 0 0 01

Oxygen

2.0%

0000000002

0.9%

0 0 0 0 01

0.5%

0 0 0 0 01

1.3%

0 0 0 0 01

1.0%

0 0 0 0 01

1.1%

0 0 0 0 01

0.6%

0 0 0 0 01

0.0%
0.2%
0.0%
0.3%
0.0%

Revolut

35

47%

Share of consumers who say they are
hesitant to switch to a digital bank

Lili
NorthOne
BankNovo
Digit
Be Money
Aspiration
Unifimoney
Azlo
Joust
Step
Source: PYMNTS
How Consumers Use Digital Banks, September 2022

N = 339: Small business owners who are familiar with digital banks and have used one,
fielded June 30, 2022 – July 7, 2022

© 2022 PYMNTS All Rights Reserved

36

Section III
Conclusion and Methodology

How Consumers Use Digital Banks

37

Methodology
Conclusion
Though using digital banks for primary banking
is still in the early adopter stage, the data suggests that it may be poised to go mainstream.
We found that the most common sources of
hesitancy are satisfaction with current banks,
the appeal of brick-and-mortar locations and
uncertainty around digital banks and their
security. That may help explain why the consumers most drawn to digital banks are those
who benefit most from the advantages digital banks can offer, such as fewer fees, easier
transfers and technology that facilitates improved notifications. This is especially true
for nontraditional banking customers likely to
be comfortable with risk — millennials, freelancers, the self-employed and high earners.
To fully bring digital banks mainstream, these
FIs will have to build on the familiarity that
consumers already have with the two largest
FinTech banking service providers and meet potential switchers’ higher expectations.

How Consumers Use Digital Banks, a PYMNTS and
Treasury Prime collaboration, provides an in-depth
view of the state of digital banks in 2022. We surveyed 2,124 consumers in the U.S. between June
30 and July 7 about their experiences. Our respondents’ average age was 48, 52% were female and
36% earned more than $100,000 annually.

© 2022 PYMNTS All Rights Reserved

Section II

38

About
PYMNTS is where the best minds and the best content meet on the web
to learn about “What’s Next” in payments and commerce. Our interactive
platform is reinventing the way companies in payments share relevant
information about the initiatives that make news and shape the future of
this dynamic sector. Our data and analytics team includes economists, data
scientists and industry analysts who work with companies to measure and
quantify the innovations at the cutting edge of this new world.

Treasury Prime is modernizing the API banking and technology systems to
deliver new value to everyone: consumers, businesses, financial technology
companies, and banks.
The Treasury Prime developer team has over 30 years of experience in
the banking as a service industry. Our easy-to-use API provides the scale
and security required for the most sensitive and demanding applications.
Treasury Prime is fully integrated into core banking systems so developers
can launch new offerings in days, not months or years. The Treasury Prime
ecosystem connects banks with fintechs and ensures that each partnership is
strategically aligned so that both businesses can grow together.

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