Executive Summary

Digital banking channels are enjoying supercharged momentum as a result of the coronavirus pandemic. US consumers’ banking behavior will continue to evolve through 2024, spurring banks to satisfy customer demands in both legacy and digital channels.

Three Key Questions This Report Will Answer

• What is the current state of banking channels in the US—which are most popular and what are the penetration percentages?
• What are the major drivers and inhibitors of channels that are gaining or losing popularity?
• How can financial institutions lean into the trends in channel usage to drive prospective customers to their offerings and cater to the usage habits of current customers?

WHAT’S IN THIS REPORT? Insider Intelligence forecasts the development of five key banking channels in the US between 2020 and 2024: branches, digital platforms, smartphones, call centers, and ATMs. The report identifies the drivers behind the trajectory of each channel's penetration, including changes in consumer behavior or advancements in technology.

KEY STAT: Nearly 4 in 5 US bank account holders will be using digital banking monthly by 2024. Digital channels have been ascendant in recent years, but their importance and penetration got a fresh impetus during the pandemic as health concerns drove consumers away from physical channels.