Online services begin to overtake traditional banking

A new survey from FICO has discovered that online payment services have become the most popular alternative to traditional banking. According to the results, 19 percent of consumers are currently using online payment services, with another 24 percent saying they will start using them in the next year.

While online payment usage is increasing, peer-to-peer or marketplace lending is struggling to catch on. Only one percent of customers who borrowed money from peer-to-peer or marketplace lenders remained flat at 1 percent year-over-year, according to the survey.

The survey said the alternative lending marketplace is still forecast to be worth $350 billion by 2025, up from a current estimate of $20 billion. You can find the survey here.

Travis Credit Union’s Mobile App gives you access to your accounts online, at any time and from anywhere. Members can download our Mobile App for free by visiting the Apple App Store or Google Play. Members can sign-up for Online Banking by visiting our homepage at www.traviscu.org.

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