
[real3dflipbook pdf=”https://www.bizzboard.com/wp-content/uploads/2022/10/HOW-CONSUMERS-USE-DIGITAL-BANKS-Sep2022.pdf” mode=”fullscreen”]
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
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Treasury Prime is fully integrated into core banking systems so developers
can launch new offerings in days, not months or years. The Treasury Prime
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