How do consumers perceive traditional and digital banks? We took this question to the market to find out. 

In partnership with Propeller Insights, Marqeta conducted an extensive survey of more than 2,000 adult banking consumers in the U.S. and U.K. The numbers from the Digital Banking Survey indicate that despite some hurdles associated with trust and confidence, consumers are moving more and more of their banking experiences to digital and mobile platforms.

  • 66% of people do the majority of their banking online
  • 75% of people would consider a digital-only bank if they changed banks.

The Front Door of Your Bank is Now an App

One of the most striking results of the survey is that twice as many people today prefer a digital banking experience over the physical branch banking equivalent. 

Digital Banks Are Becoming the Next Best Banking Option

The survey shows that digital banks are gaining strong traction in the market as a secondary banking option for many consumers. 

What’s Standing in Their Way? 

Inertia. As people re-evaluate their banking options more than ever before, a growing percentage of people feel it’s simply too much work, too disruptive, or too confusing to switch banks.

Download the full report.

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