digital banking elements on a smartphone A new report says credit unions and banks, with an average size of $4.4 billion, more than doubled their investments in digital transformation last year to nearly $425,000 per one billion on assets, up from an average of more than $200,000 per one billion on assets in 2021. Overall, 69% of checking account holders are now active digital banking users, up from 67% in 2021. The findings were published last week in the 2023 Digital Banking Performance Metrics research report from Scottsdale, Ariz.-based Cornerstone Advisors, which was commissioned by Alkami Technology Inc. In addition, 56% of checking account holders of the 87 surveyed institutions actively accessed mobile banking options in 2022. “The banks and credit unions in this report with the best overall financial performance consistently outperform their peer financial institutions on a wide range of digital banking metrics,” Cornerstone’s Chief Research Officer Ron Shevlin said in a prepared statement. “The correlation is strong enough to suggest that institutions with improved digital banking performance are likely to improve overall business performance.” Ron Shevlin Some of the report’s key findings show that mobile deposit popularity is surging, with 52% of active digital banking users […]
CUs & Banks Doubled Digital Transformation Investments in 2022: Report Finds
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