Online account growth continues also in the US

Online account growth continues also in the US

In the United States, the possibility of accessing one’s online account from a PC or smartphone is nothing new: however, the Coronavirus has decisively contributed to the adoption of this practice by a large number of Americans. 

Only in April, there has been a surge in subscriptions to online banking platforms – around 200% more – and an 85% increase in mobile platform traffic. Traditional banks, on the other hand, had to deal with numerous requests from call centers, which generated, as expected, very long waiting timesThe increase in requests for an online account is partly motivated by economic uncertainty: while in the pre-Covid era, Americans used to examine their financial situation once a week, with the onset of the pandemic they began to check their account several times a day

With the first reopenings there has been a partial return to branches, however, according to a recent survey by Novantas, only 40% of respondents plan to return to making payments and transactions at the counters, a sign that the change is radical. 

“Once people start using home banking services on a permanent basis, there is no going back. We expect consumers in the US to choose digital platforms to make a wide range of online transactions and payments,” says Maria Schuld, from the executive division of the North American banking services group FIS.

In addition to logins from mobile platforms, online current accounts and remote deposits are also on the rise; experts say that while compulsive checks of the financial situation are a passing trend, the massive approach to online banking, surprisingly accelerated by Covid, is here to stay. 

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