#DigitalBanking / Many More Americans Now Consider a Digital Bank to be their Primary Account, Financial Literacy Specialist Reveals

… modern technology is shaking up or disrupting the finance industry in a major way… online-only or all-digital bank accounts have begun to surge in popularity and overall adoption, but physical bank branches aren’t “a thing of the past yet.”

Most consumers now prefer to do their banking online, according to Dumont’s research. A July 2020 survey of US consumers from Cornerstone Advisors revealed that 14.2 million US residents—6% of US adults with a checking account—now “consider a digital bank to be their primary bank—a 67% jump from January 2020.”

… there are banks that exist completely online… “this type of 24/7 access makes things faster, easier, and more convenient than ever before.”

Although traditional banks and all-digital banks both have their pros and cons, digital banks are “quickly becoming the preferred method of the modern world”