Most consumers have loan accounts with outstanding balances, and many of these manage those 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.
These include several kinds of loan accounts. The most common type is held by homebuyers and landowners: 33% of shoppers possess a mortgage account open with an outstanding balance.
Another type of loan account that's very common is definitely an car loan, with 31% of shoppers reporting they've one. The next most typical types include personal loans (reported by 16% of the consumers surveyed) and student education loans (14%).
Seventy-two percent of consumers manage these accounts online. Among the consumers with loan accounts with outstanding balances, 51% manage your finance payments digitally and therefore are willing to share use of their financial data for this purpose, while 21% manage your finance payments digitally without giving access.
Only 29% of shoppers manage these accounts non-digitally.
Among most effective and quickest who do not manage their loan accounts online, most resist doing so because they worry their private data is going to be stolen. Fifty-two percent of shoppers who use mobile apps, and 51% of those that use browsers, say that is really a reason they choose not to manage their loan accounts digitally.
The next most common reasons cited by individuals are they would rather control payments while using bank's bill pay system plus they don't want their personal data online.
Smaller shares of shoppers say they do not use a digital channel to handle their loan accounts because it's too complicated to make use of, it's harder to make payments or they are not able to pay because they prefer.
While the percentages vary among those who use mobile apps and people who web browsers, both categories of consumers rank these reasons within the same order.