Until recently, banking required taking a long lunch or getting up early on Saturday. While physical bank branches can’t be considered a thing of the past just yet, the days of waiting in long lines for routine transactions are rapidly fading into memories.
There is no doubt that the internet revolution and technological advancements have made our lives easier in many ways. Online banking statistics make it clear that the banking industry is among the sectors that have benefited most from the rise of the digital age.
With the development of online and mobile banking came the freedom and convenience of being able to manage your funds whenever and wherever you want.
Read on to learn more about the history and development of internet banking, as well as some of the many benefits and challenges both financial institutions and their customers have faced over the years.
Online Banking Statistics – Editor’s Choice
- By 2006, 80% of all US banks provided online banking services.
- The percentage of EU citizens using online banking doubled between 2009 and 2019.
- 89% of American bank account holders use mobile banking for account management.
- The US financial industry’s total branch count went down by more than 1,500 over a period of 12 months.
- 94% of mobile banking customers use online banking platforms at least once a month.
- It is estimated that the deployment of chatbots will save the banking industry $7.3 billion in annual customer service costs by 2023.
- Digital banking stats predict that the total number of online and mobile banking users will exceed 3.6 billion by 2024.
- Banks around the world lose more than $1 trillion to cybercrimes each year.