72% of consumers manage their loan accounts online


Most consumers have loan accounts with outstanding balances, and most manage these accounts online.

According to “Account Opening And Loan Servicing In The Digital Environment,” a PYMNTS collaboration with Finicity, a Mastercard company, 61% of consumers have loan accounts with outstanding balances.

Get the report: Account opening and loan management in the digital environment

These include several types of loan accounts. The most common type is held by homebuyers and landowners: 33% of consumers have an open mortgage account with an outstanding balance.

Another very common type of loan account is a car loan, with 31% of consumers saying they have one. Next come personal loans (reported by 16% of consumers surveyed) and student loans (14%).

Seventy-two percent of consumers manage these accounts online. Among consumers with loan accounts with outstanding balances, 51% manage their loan payments digitally and are willing to share access to their financial data for this purpose, while 21% manage their loan payments digitally without giving any details. ‘access.

Only 29% of consumers manage these accounts non-digitally.

Among consumers who do not manage their loan accounts online, most resist doing so because they fear that their personal data will be stolen. Fifty-two percent of consumers who use mobile apps and 51% of those who use web browsers say this is a reason they choose not to manage their loan accounts digitally.

The other most common reasons cited by consumers are that they prefer to control payments using the bank’s bill payment system and that they don’t want their personal details online.

Smaller proportions of consumers say they don’t use a digital channel to manage their loan accounts because it’s too complicated to use, it’s harder to make payments, or they’re not able to pay the way they want.

Although the percentages vary between those who use mobile apps and those who use web browsers, both consumer groups rank these reasons in the same order.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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