Huntington Bancshares joined mega-banks in growing digital adoption during the first quarter, citing increases in digital and mobile usership and in digital logins. 

During the quarter, Bank of America, Citizens Financial Group, JPMorgan Chase and Wells Fargo all reported digital usership growth.  

The $189 billion bank’s investment in technology and data in the quarter contributed to a 5% year-over-year increase in noninterest expenses, which reached $1.1 billion, according to the bank’s earnings supplement. 

“This level of expense supports our investments into organic growth strategies as well as data and technology initiatives,” Chief Financial Officer Zach Wasserman said during today’s Q1 earnings call.  

In Q1, the bank reported the following digital engagement: 

• Active monthly digital users increased 3% YoY to 3.5 million; 
• Active monthly mobile users increased 7% YoY to 2.8 million; and 
• Digital logins reached 243 million during the quarter, up from 207 million in Q1 2023. 

Bigger picture

Digital banking adoption continues to grow, driven by mobile banking, a rise in e-commerce and the development of digital wallets. Mobile payments also continue to gain traction, according to Research and Markets March 29 Global Digital Banking Business Report 2024.  

The global market for digital banking is expected to reach $53.5 billion by 2030, according to the report. 

Digital adoption in Q1:

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