US Banking Channel Forecast: How shifting consumer habits and the coronavirus pandemic are reshaping banking usage

  • Digital banking channels are celebrating increased momentum as a result of the pandemic. 
  •  This digital banking behavior will likely continue to evolve, spurring banks to satisfy customers’ digital demands.
  • Do you work in the Banking industry? Get business insights on the latest tech innovations, market trends, and your competitors with data-driven research.
  • The following is a preview of one Banking report, the US Banking Channel Forecast. You can purchase this report here.

The pandemic has unleashed a surge of digitization in banking—a trend set to continue even in the post-pandemic era. Stay-at-home orders and a desire for contactless service encouraged many consumers to overcome their reluctance toward managing finances through online channels.

In the US Banking Channel Forecast, Insider Intelligence predicts the transformation of five key banking channels in the US between 2020 and 2024: branches, ATMs,  smartphones, call centers, and digital platforms. Below, we briefly outline some of the key takeaways from the report.


Consumers’ reduced dependence on physical branches amid the pandemic caused a drop in branch penetration in 2020 and, as consumers become more accustomed to digital channels, we expect this trend to continue. US branch penetration will drop from 70.1% in 2019 to 62.3% in 2024.


Insider Intelligence expects ATM penetration to stay around its current levels, as they outnumber branches in the US by more than five to one. ATM penetration will remain steady, up marginally to 71.9% in 2024 from 71.2% in 2019.

Smartphone Banking

While the massive leap in smartphone banking in 2020 was a pandemic-induced “sugar rush,” growth in the channel’s penetration will remain strong after the crisis abates. The length and severe nature of the coronavirus crisis in the US has given new mobile banking consumers plenty of time to cement their preferences.

Call Centers

Call center penetration soared in 2020 as customers sought answers to pandemic-related concerns, such as stimulus check status and financial relief efforts. Penetration growth will taper off from 2020 levels through 2024, but still remain above 2019 levels. 

Digital Banking 

While digital banking growth will inevitably tail off as saturation levels approach, consumers will continue gravitating toward digital channels. More US consumers will also open accounts with digital-only banks. Overall, Insider Intelligence forecasts that digital banking penetration will jump from 66.9% in 2019 to 79.3% in 2024.

Want to Learn More? 

Insider Intelligence’s US Banking Channel Forecast takes a deeper dive into the categories outlined above — identifying the drivers behind the trajectory of each channel’s penetration, including changes in consumer behavior or advancements in technology.

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