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.
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 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.