The trend: In 2023, just over 4% of US households (5.6 million) were unbanked, per the Federal Deposit Insurance Corporation’s (FDIC’s) recently released National Survey of Unbanked and Underbanked Households. That marks a significant decrease from just over 8% in 2011.
Mobile banking’s role: This channel has grown dramatically over the past decade to become the primary method of account access for 48.3% of banked households in 2023.
- Adoption is growing across all age groups, with more than 30-fold growth among adults ages 65+, per the FDIC.