- Half of Americans (50 percent) said they plan to use digital
banking more in 2023 with behaviors such as increasing deposits,
transferring funds, and viewing statements
- Nearly half of Millennials and Gen Z (45 percent) say
digital banking is the only way they bank
- Most Americans (59 percent) want access to financial
literacy tools and resources within their digital banking apps with
74 percent of those ages 18-34 saying it is important
- Americans reported that access to digital banking is nearly
as important as a car with only 34 percent saying they could live
without it for less than a day compared to 38 percent without a
vehicle
CHICAGO, April 27, 2023 /PRNewswire/ - A new
BMO survey revealed changing online banking trends in the U.S. as
half of Americans (50 percent) reported they plan to move more
transactions online throughout 2023. Increasing deposits,
transferring funds, and viewing statements are reported as the top
digital banking actions Americans plan to prioritize this year.
Additionally, most Americans surveyed (59 percent) said they want
financial literacy resources within their digital banking apps,
with that number increasing to 73 percent among those ages
18-34.
Adding to Americans' reliance on digital banking, BMO's survey
also found that only 34 percent of respondents could live less than
a day without it, ranking digital banking nearly as important as a
car (38 percent) and more important than having a dishwasher (20
percent).
Among younger Americans ages 18-34, nearly half (45 percent)
said they are completely reliant on digital banking with it being
the only way they bank compared to 43 percent of those ages 35 to
54 and only 20 percent of Americans 55 and up.
While the majority of Americans value all digital banking
capabilities available, the following features are reported as the
most important:
- Improved digital identification verification (86 percent)
- Credit score monitoring (75 percent)
- Personalized advice via digital banking platforms (65
percent)
- Budgeting and tracking tools (62 percent)
- Financial literacy education (59 percent)
"These findings reinforce BMO's focus on meeting customers where
they are with leading digital experiences that help them make real
financial progress," said Mathew
Mehrotra, Chief Digital Officer, BMO. "We continue to focus
on understanding – and meeting – our customers evolving needs and
expectations."
Americans seek easy-to-use digital platforms that offer
financial literacy resources
An easy-to-use, safe platform was reported as the number one
capability Americans want their digital banking app or website to
possess with 87 percent agreeing.
Financial literacy was also important with most Americans (59
percent) wanting financial literacy tools and resources within
their digital banking apps. That number increased to 73 percent
among those ages 18-34. Additionally, In BMO's latest Real
Financial Progress Index with a special focus on Financial Literacy
Month this April, more than three-quarters of Americans reported
they want to improve financial literacy overall.
Recognizing that digital banking is a key component of financial
literacy, BMO recently launched a free financial literacy
e-book in collaboration with United Way, which may be viewed
and downloaded here. The digital repository helps consumers make
real financial progress through expert financial advice on digital
banking, budgeting, debt and credit management, homeownership and
more.
In addition to the e-book, BMO remains dedicated to providing
customers with tools to build real financial progress while
harnessing the potential of emerging technologies:
- BMO Bill Pay: The feature allows customers to set
up automatic payments, schedule payments in advance and analyze
spending habits with a simple account statements and money
management tools.
- BMO Total Look: Customers can easily view, track
and manage their BMO and non-BMO financial information, from
checking and savings accounts to credit cards, investments, loans
and mortgages.
- BMO Assist: An AI-augmented platform blending the
best of both human emotion and empathy with the speed and
efficiency of computer intelligence that allows customers to ask
account and banking-related questions via its chatbot and live chat
with a banker during business hours.
- BMO Bill Connect: A platform that helps customers
manage business accounts payable and accounts receivable in one
solution in a simple, faster, and more secure way.
For more information about BMO's Digital First strategy and to
learn how BMO is focused on building a digitally-enabled,
future-ready bank that drives progress for its customers, unlocks
the power of its people and delivers loyalty, growth and
efficiency, visit https://about-us.bmo.com/our-strategy/.
About BMO's Digital Banking Survey
Launched in April 2023, BMO's
Digital Banking Survey measures the importance of online and mobile
banking among consumers in North
America. Specifically, it focuses on what capabilities are
most important to people to make real financial progress.
The online survey was conducted in collaboration with Pollara
Strategic Insights. It included 3,174 adult North Americans (1,600
Canadians residents and 1,574 US residents) between February 7 and March 9, 2023. A
probability sample of this size would have a margin of error of +/-
1.7%, 19 times out of 20. Results have been weighted to be
representative of the population as a whole.
About BMO Financial
Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of
$1.15 trillion as of January 31, 2023. Serving customers for 200 years
and counting, BMO is a diverse team of highly engaged employees
providing a broad range of personal and commercial banking, wealth
management, global markets and investment banking products and
services to 12 million customers across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life, BMO
is committed to driving positive change in the world, and making
progress for a thriving economy, sustainable future and more
inclusive society.
Media contact
Lucas Seiler, U.S. Personal and
Business Banking
Lucas.seiler@bmo.com; 312-340-8576
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SOURCE BMO Financial Group