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 US adults are moving their accounts to digital-only banks and non-bank institutions, such as PayPal, according to a survey by Accenture. The survey, conducted in the first half of 2017, found that more than one third of Americans have moved money from traditional financial institutions into digital wallets or other alternative payment options.