More than 5.6 million members signed up for online banking with their credit unions in 2020, compared to four million members who signed up for online banking in 2019, according to a CU time analysis of fourth quarter data from NCUA.
The increase, a 39% increase in the number of new online banking users, was expected after credit unions shut down branch lobbies due to the pandemic and urged members to sign up for options. online to meet most of their financial needs.
Out of a total of 125,695,985 credit union members, 71,399,218 were using online banking at the end of 2020. As of the fourth quarter of 2019, of 121,028,894 members, 65,755,841 were using online banking.
On average, around 4.6 million members have signed up for online banking each year since 2015. The highest number of members who signed up for online banking in the past five years was in 2017, when more of 7.2 million members have become new users of online banking.
Most of the gains in new online banking users have been seen among most credit unions that manage $ 340 million to over $ 10 billion in assets, while credit unions that manage 10 to less than $ 500 millions of dollars in assets have seen a decline in the number of web users.
Among the 471 credit unions with assets of $ 340 million to less than $ 1 billion, the number of new web users fell from 10.8 million to 11.2 million, although these credit unions also saw their memberships drop from 20.6 million to 20.1 million, according to fourth quarter data. for 2019 and 2020 from the NCUA.
For the 190 credit unions that manage assets of $ 1 billion to less than $ 2 billion, their online banking users have grown from 10.7 million in 2019 to 10.2 million in 2020, while the total number of their members rose from 19.5 million to 17.9 million.
Among 111 credit unions with assets of $ 2 billion to less than $ 4 billion, their web users have grown from 10.3 million in 2019 to 11.2 million at the end of last year, while the total number of their members rose from 18.3 million to 19.8 million. For the 58 credit unions that manage assets of $ 4 billion to less than $ 10 billion in assets, the number of internet users has increased from 10.1 million in 2019 to 12 million in 2020, while the number their total membership has grown from 17.2 million to nearly 19 million.
Sixteen credit unions with $ 10 billion or more in assets have seen their web users skyrocket from 11.5 million to 15.5 million, according to the NCUA’s fourth quarter data for both years. In addition, their total membership has grown significantly from 11.5 million in 2019 to 15.5 million in 2020.
For the 1,179 credit unions that manage less than $ 10 million in assets, they saw their internet users plunge from 153,471 to 122,324 from 2019 to 2020, while the number of members increased from 993,835 to 847,360. .
Among the 1,589 credit unions that manage assets of $ 10 million to less than $ 50 million, their web users have grown from 2.3 million to 1.8 million from 2019 to 2020, while their membership numbers rose from 4.9 million to 4.2 million.
Likewise, for the 703 credit unions in the 50 million to less than 100 million asset class, their web users fell from 2.5 million to 2.2 million, while their membership fell from 5 million. , 1 million to 4.5 million.