A greater share of U.S. adults who break up with their banks are taking their accounts to online-only banks and nonbank institutions, according to a new report. Of the 11% of consumers who left their bank in the past year, 35% went to a nontraditional provider, including online-only banks and payment-services providers like PayPal Holdings Inc., rather than another large or small bank, according to an Accenture survey of 2,800 U.S. consumers. This figure is up from 32% a year ago, 25% in 2013 and 16% in 2012. ...
More U.S. adults are moving their accounts to digital-only banks and non-bank institutions, such as PayPal, according to a survey by Accenture. The mass affluent and millennials are contributing to the shift, which has seen the share of those who left banks and headed to non-traditional providers in the last year reach 35%, up from 32% a year ago and 16% in 2012.