November 3rd, 2023, Kineree Shah
Recent data from YouGov Profiles underscores a dynamic shift in how Americans access their bank accounts. Notably, phone banking, which entails the access of a bank account via a web browser on a cell phone device, has experienced growth. In 2019, three in 10 Americans utilized this method. In 2023, this figure has risen to nearly four in 10 (38%).
While the preference for online banking—accessed via a web browser on a laptop or PC—has seen a minor decline from 58% in 2019 to 55% in 2023, the embrace of smartphone banking apps has surged. Today, nearly half of Americans (46%) opt for these apps, marking a notable 9-point increase from the 37% observed in 2019.
This uptrend is further reflected in the daily frequency of smartphone banking. Over the past five years, the proportion of consumers accessing their bank accounts at least once a day via smartphones has nearly doubled from 17% to 28%.
Moreover, the segment of users who access their accounts between 2 to 6 times a week has also witnessed growth, climbing by 5 percentage points from 21% in 2019 to 26% in 2023. Yet, it's not just the rising numbers that capture attention. The data reveals a significant decline in the share of consumers who don’t use smartphone banking. In 2019, over a quarter (28%) did not use their smartphones for online banking. By 2023, this number has fallen to just under two in ten (18%).
Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative of the online population and weighted by age, gender, education, region, and race. Learn more about Profiles.