The credit union offers all seven category tools, including the two most sought-after ones: the ability to activate a new debit or credit card and receive a temporary digital card that can be used immediately at sign-up. Chase tops the Transfers category.

Smaller banks and credit unions, on the other hand, may be more dependent on partnering with third parties, and even be fairly new to digital account opening. Half of all community banks and credit unions used DAO to field less than 5% of their new checking account applications in 2019, per Cornerstone Advisors data. Digital-only challenger banks.

This enormous footprint makes Walmart a threat to rural community banks and credit unions that have avoided competing with big traditional banks. And while the all-online nature of neobanks means they also enjoy a wide geographic range, Walmart’s name recognition and its omnichannel service could make Walmart MoneyCard a potent threat to them as well.

In our survey, the highest proportion of respondents named their primary bank or credit union as the company they would trust most to provide them with financial services, far ahead of competitors like PayPal, Visa, and Amazon. Security is the top factor that determines digital trust—and the lingering effects of pandemic-related fraud will only escalate consumers’ security concerns.

“Penetration” is defined as bank account holders ages 18+ who visit a bank, credit union, or brokerage branch at least once per year. UK: Branch penetration in the country will decline from 65.3% in 2019 to between 60% and 62% in 2024. Temporary branch closures during the pandemic accelerated a trend of UK banks scaling back their physical footprints to rein in operating costs.

This is reflected in data from PSCU, a national credit union payments organization: In June, spending on credit cards grew 32% YoY and 26% Yo2Y. State reopenings and easing pandemic restrictions also let consumers do things outside their homes, opening up increased spending opportunities: Credit card spending on entertainment exploded 197% YoY and ticked up 2% Yo2Y in May, per PSCU. What’s next?

Credit card appetite is growing in tandem with retail sales—what are issuers doing to make the most of this comeback?

Smaller banks and credit unions, on the other hand, may be more dependent on partnering with third parties, and may even be fairly new to DAO. Half of all community banks and credit unions used DAO to field less than 5% of their new checking account applications in 2019, per Cornerstone Advisors data. Digital-Only Challenger Banks.

To provide a like-for-like comparison, we only ranked the top 10 banks or credit unions by asset size in this study. Adding more banks, such as the top 20, would require a higher sample size survey, as we needed a sufficiently high n-size for each bank.

Last year alone, Zelle added 457 new financial institutions to its network, including a number of small banks and credit unions through a partnership with Fiserv. As noted in our recent report “The Payments Ecosystem,” consumers turn to Zelle for bill paying and larger transactions.

View details for your accounts at all banks and credit unions in the same place: This digital money management feature is not offered by any of the seven FIs and 25.4%% of overall customers scored it as “extremely valuable.”. There are 21 innovative mobile banking features that BMO could support—including the five mentioned above—which we will outline in the second section of this BMO-specific report.

View details for your accounts at all banks and credit unions in the same place: This digital money management feature isn’t offered by any of the seven FIs, and 24.2% of overall mobile banking customers rated it “extremely valuable.”. In addition to these top five mobile banking features, there are 13 other features that RBC could add—comprising 18 in total.

For context, penetration in this channel is defined as the percent of internet users ages 18+ who access their bank, credit union, credit card, or brokerage account digitally via any device at least once per month. The following drivers will inform the growth in Canadian digital banking penetration through 2024:.