Mobile banking to beat branches in usage this year

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In a first, 62.1% of adults in the US will use mobile banking, surpassing the 61.5% who will use in-branch banking, per our forecast. This is a marked shift from 10 years ago, when 78.8% of adults used bank branches and 18.6% used mobile.

Beyond the chart: The tech expenses of US banks will rise 10.6% year over year in 2022, according to our estimates. While that is eating into branch budgets, the branch experience will remain vital to incumbent banks. Branches tend to be associated with higher-quality accounts, and they provide solutions for customers who prefer human support.

More like this:

• Report: Branch Transformation
• Article: Wells Fargo consolidates on Vantage, an all-in-one AI-powered client portal
• Article: Banks in the US aren’t listening to consumers’ data security fears

Methodology: Estimates are based on the analysis of survey and traffic data from research firms and regulatory agencies, historical trends, country-specific data and demographic and socioeconomic factors.