13 Banking Statistics to Make The Penny Drop
Updated · Oct 07, 2022
Banks have been in our lives for some time. In fact, the oldest bank on the planet dates back to 1472. Established in the Tuscan city of Siena, Monte Dei Paschi gave loans to people in need.
Banking statistics show the long way that banks have walked to be what they are nowadays—even if there are still people who prefer to keep their money under the mattress.
Take a look at the following stats to see just how technological advancements and the digital revolution have impacted the banking industry.
We also have some fun facts for you to learn along the way.
Interesting Facts About Banks (Editor’s Choice)
- There will be more than 2.5 billion online and mobile banking users by 2024.
- 94% of bank customers regularly use digital banking.
- By 2006, 80% of all US banks provided online banking services.
- The global banking industry hit $2.48 trillion in 2021.
- 63% of US households used online banking.
- BBVA is the most sustainable bank in the world, whereas Bank of America is the one that pollutes the most.
- Cybercrimes cost banks $1 trillion every year.
US Consumer Banking Facts
In the US alone, there are around 5,000 banks—which makes choosing the right one for your needs quite a tough call.
People are looking for low fees, quality customer service, fraud protection, and online access. Just to mention a few requirements, of course.
Let’s see what banking in the US looks like.
1. The median bank account balance is $5,300.
In general terms, a US bank account has an average balance of $41,600. However, the median balance gives a more accurate picture of how much most US families have saved—$5,300.
If we break it down in terms of race, we’ll see that (on average) White households hold five times the wealth of Black households. The median household income of the former is $8,200, whereas the latter falls at $1,510.
Furthermore, financial statistics show that White households’ mean balance is $51,510, but African American households’ average represents only a quarter of that amount ($13,270).
2. Less than half of people in the US can cover a $1,000 surprise expense.
Unplanned car repairs, medical bills, or other taxes catch many people off guard.
As a result, they have to borrow money from a family member or friend, use a credit card, or take a loan.
Fun fact: According to banking stats, 70% of people in the US have at least one credit card. The thing is, most don’t fully understand how they work, which leads to misuse and debt.
3. In 2021, Wells Fargo was the largest employer among other US banks.
Wells Fargo is the third largest bank in the US in terms of market capitalization ($169.6 billion). However, it has more than 4,870 branches and, therefore, the largest team in the United States banking industry—233,403 employees.
For comparison, JPMorgan Chase had over 205,400 employees in 2021, whereas Citibank and Bank of America had around 178,681 and 133,812 workers, respectively.
Fun fact: JPMorgan Chase’s market cap is double that of Wells Fargo. Bank of America follows close behind with a $302 billion market cap.
4. In 10 years, the number of total branches in the US decreased by 9,948.
Okay, let’s go over some surprising banking industry facts:
Back in 2010, 84,876 branches were open.
By 2020, this number had decreased to 74,928.
Moreover, there are already over 300 online-based banks in the world!
So far, Chime is the largest digital bank in the US, with more than 13.1 million customers. Revolut is also leading the way in this category with over 19.1 million users.
Online Banking Statistics
In this day and age, if a bank doesn’t offer online banking, does this bank even exist?
We at Web Tribunal are going for “no.”
Imagine still taking time off work to fit in a casual money transfer appointment at the bank. It sounds crazy, doesn’t it?
Online banking allows us the luxury of managing our accounts from wherever we are, whenever we want. We can be in a tent on a foreign country’s mountain at 3 am and still be able to manipulate our funds—as long as there’s phone service, of course.
Let’s see how popular online banking is.
5. By 2006, 80% of all US banks offered online banking services.
Financial organizations started experimenting with internet banking during the 80s, although the service’s popularity actually started taking off a decade later due to the new home internet age.
In 2020, the total number of online banking users was just shy of two billion. Projections suggest that number will surpass 2.5 billion in 2024.
6. 94% of online banking customers worldwide use their platforms at least once a month.
(Source: Deloitte Insights)
Online banking isn’t only mobile. In fact, banking statistics suggest that more customers use PC-based banking channels (73%) than mobile banking apps (59%) to manage their funds.
Although to be fair, it all depends on what exactly they intend to do with their money.
If they want to check their balance or transfer funds, most customers prefer to do so on a mobile app—unless we’re talking about an international money transfer, then PCs become the most popular banking tool.
Fun fact: In the US, website traffic comes predominantly from mobile devices. Less than 40% of visits come from desktop computers.
7. Gen Zers prefer to access their bank accounts on their mobiles.
62.9% of the youngsters in the 15-24 age group rely on mobile devices to access their accounts. And those aged 25-34 are not far behind in the online banking trends, with more than 60% of customers using mobile banking.
You probably won’t be surprised, but digital banking is least popular among senior citizens. Only 8.3% of those aged 65+ use electronic devices for financial purposes.
Fun fact: Baby boomers (aka those who are around the 65-year mark) are the wealthiest generation—their buying power is in the trillions!
8. Hispanic Americans use mobile banking the most.
Online banking usage statistics suggest that 41.3% of Hispanics in the US prefer smart devices to manage their accounts. Asians and Blacks come next on the list with 39.3% and 37.2%, respectively.
What about Whites?
Well, interestingly enough, only 31.4% of them use mobile banking.
Fun fact: Asian Americans hold the highest credit scores in the country (745). African Americans, on the other hand, have the lowest score on average (677).
General Banking Stats
Recent events have been putting banks’ resilience to the test. Yet, banks seem to be managing various crises like it’s nobody's business.
They seem to become more innovative and creative by the day. However, while the digital side is advancing rapidly, environmental actions are yet to be played out.
Let’s go over some more facts about banks.
9. The Industrial and Commercial Bank of China (ICBC) is the world’s largest by total assets.
(Source: Balancing Everything)
ICBC came into existence in 1984 and soon became the most valuable and best banking brand in China. It also ranked as the 8th most valuable brand in the Brand Finance Global 500.
As of 2022, the total value of its assets amounts to $4.9 trillion and is quickly gaining ground in the global banking market. For instance, it now has branches in Mexico, Panama, and Argentina.
Fun fact: In terms of total assets, the top banks in the world in 2022 are Chinese. Next on the list are China Construction Bank, Agricultural Bank of China, and Bank of China.
10. Five US-based banks feature in the world’s top 10.
Bank of America stands at the top among the other US-based banks—even if its $36.7 billion only earn it the 5th position on the list.
Citibank ($34.4 billion), Chase and Wells Fargo ($30.1 billion each), as well as J.P. Morgan ($28.9 billion) follow behind.
11. The top three most polluting banks in the world are American.
Banking industry statistics show that JPMorgan Chase’s total greenhouse gas emissions amounted to 766.34 metric tonnes of CO2 in 2020.
(For comparison, Japan Post Bank reported just 44.53 metric tonnes in the same year.)
Furthermore, JPMorgan Chase financed the global fossil fuel industry with $51.3 billion in 2020—which is actually significantly less than previous years’ investments, so at least there’s that.
Next on the list of the most polluting consumer banking solutions are Bank of America (742.51 metric tonnes) and Citigroup (548.3 metric tonnes).
12. Santander and BBVA are the most sustainable banks in the world.
These two Spanish banks have walked a long way to establish themselves among worldwide financial institutions.
Santander has been ranked as the most sustainable bank in Spain for nearly a decade and, in 2019, it also earned first place in the Dow Jones Sustainability Index (DJSI).
As for BBVA, it earned 88/100 points in the 2021 DJSI analysis. Furthermore, BBVA’s CO2 emissions totaled 12,467 metric tonnes in 2020, and it’s planning to stop working with coal companies altogether by 2040.
13. Together, all banks worldwide lose more than $1 trillion to cybercrimes every year.
(Source: News Anyway)
In this modern age, cybersecurity is every bank's life-saving jacket and best friend.
Banks are relying on new technology to keep their customers (and themselves) safe from cybercriminals. For instance, biometrics and artificial intelligence.
Fun fact: The vast majority of data breaches (80%) are the result of subpar password security—which is just sad considering the number of tools whose sole purpose is to keep you from using your mother’s maiden name as a password.
If this collection of banking statistics shows anything, it is that traditional banking is losing its popularity—fast.
So, you can probably look forward to better mobile apps and fewer ATMs.
Plus, given how quickly cryptocurrencies are gaining ground, maybe the game will change all together.
Time to brush up on your bitcoin knowledge!
With an eye for research, Aleksandra is determined to always get to the bottom of things. If there’s a glitch in the system, she’ll find it and make sure you know about it.