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Half of young banking consumers think online-only banks are less secure

The news: Despite faster digital account growth than their traditional counterparts, online-only banks face an uphill battle when it comes to their customers feeling secure, according to a recent Nerdwallet survey.

The details: More than 1 in 3 US banking customers think online-only banks are less safe than traditional banks. But younger consumers are even more skeptical than average—half of Gen Z and 43% of millennials hold this belief, compared with around 27% of Gen Xers and 28% of baby boomers.

The marketing angle: Online-only banks must close the knowledge gaps highlighted by this finding. For example, many consumers don’t realize that online banks can be just as insured as traditional banks. That means banks should communicate in their marketing efforts that customer deposits are federally insured up to the same limits.

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