US digital banking users will surpass 200 million in 2022

• There will be 196.8 million digital banking users in the US this year, making up 75.4% of the population.
• Many people over the age of 60 used online banking for the first time during the pandemic.
• Do you work in the Banking industry? Get business insights on the latest tech innovations, market trends, and your competitors with data-driven research.

This year, we expect there will be 196.8 million digital banking users in the US, making up 75.4% of the population. By 2022, the number of digital banking users will surpass 200 million, and steady growth will continue throughout the forecasting period.

For the most part, younger consumers are more likely to access their bank accounts online compared to their older cohorts. However, the pandemic has prompted older demographics to bank this way.

Insider Intelligence

According to data from iResearch Services, more than 90% of people over the age of 60 used online banking for the first time during the pandemic, highlighting the importance of banks getting digital banking right in 2021.

Many big banks, including Chase, Wells Fargo and Bank of America have reported an increase in active and mobile users, and are continually looking at ways to innovate and improve their digital presence—to not only engage their current customer base, but to also attract new customers.

More to Learn

Interested in learning more about the banking space? Here are some related reports that might interest you:

1. The Rise of Banking-as-a-Service, which looks at five major BaaS providers, ranging from fintechs to 20-year-old legacy providers that we think represent a good cross-section of approaches to offering BaaS.
2. AI in Banking, which identifies the most meaningful AI applications across banks’ front and middle offices.
3. The Global Neobanks Report, which explores how the neobank market has grown rapidly, and what’s in store as the industry pivots from hyper-growth to sustainability. Learn more about the financial services industry.