In response to the COVID-19 pandemic, the number of debit transactions declined 2.5% in 2020, the first dip in the 16-year history of the Pulse debit issuer survey released today.
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The share of U.S. households that are unbanked continued falling in 2019, reaching 5.4%, the lowest rate yet recorded in a biennial FDIC report.
The ongoing digital shift in banking will provide more opportunities to unlock better customer experiences.
Even before consumers’ acceleration to online shopping due to the pandemic, card-not-present debit transactions rose 21% year-on-year in 2019, according to Pulse’s debit issuer survey released today.
With EMV card deployment reducing fraud at the point of sale, cyber-criminal schemes are targeting email, mobile devices and other channels.
Ninety-five percent of respondents in a recent American Bankers Association/Morning Consult survey rated their bank’s online and mobile app experience as “good,” “very good” or “excellent,” and 77% agreed that technological improvements by banks are making it easier for them to access their financial services.
Eighty-two percent of consumers are less likely to consider switching banks once they become accustomed to their bank’s digital banking services, according to a study released today by Iselin, N.J.-based Provident Bank.
From simplified 10-step online account openings, to value-added robo-advising, to “certified digital bankers,” OceanFirst Bank delivers a new community banking experience.
Debit card use and market penetration continued to grow last year, while fraud losses declined, according to Pulse’s debit issuer survey released this morning.