Americans are leaning on the use of digital banking and its associated tools to help feel financially resilient amid economic uncertainty. 

Digital adoption has continued to grow, and the 46% of Americans who consider themselves financial experts rely more on digital tools now than they did in 2021, according to KeyBank’s “2023 Financial Mobility Survey.” 

Consumers and their digital tools

The $190 billion bank noted the consistent growth of the use of digital banking, with a 25% increase in the number of respondents who used virtual banking services compared with the year prior. The bank did not provide the total number of respondents who had started using digital banking.

The report also found: 

• 72% were comfortable using online banking; 
• 65% were comfortable with mobile banking apps; 
• 67% use digital banking to help with paying bills; and 
• 62% use digital banking to transfer funds between accounts. 

As adoption rates rise, the right digital tools may be the reason that customers stay with their current bank, Jamie Warder, head of digital banking at Cleveland-based KeyBank, told Bank Automation News. 

“Our customers like our digital tools, like when we allow them to monitor their credit scores and changes in their credit scores or when we give them these pieces of micro-advice about the amounts they should save,” Warder said. “I don’t believe digital tools are a reason that [customers] switch banks but are definitely a reason that they choose to stay at their bank.” 

Digital banking investments

KeyBank has made several investments in digital banking over the past year, ranging from streamlining its loan process to using data collection along with new technologies to offer better customer experiences to its clients. 

In 2022, the bank spent $4.5 billion on noninterest expenses, highlighted by a new partnership with fintech BlueSnap and an extension of its partnership with Google to transition its platforms and applications to Google Cloud. 

The use of digital banking will continue to grow and become more common in more intricate uses after being ushered in during the COVID-19 pandemic, Warder told BAN. 

“What [KeyBank] is seeing is going from something like simple transactions moved up to more complex, [loan] origination experiences done digitally,” he said. “It’s forced us in a couple of different fronts on the advisory side to create more computer-driven advisory using our data and analytics to be able to give advice to customers on what might make sense to that end.” 

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