America’s Banking Habits: Survey Finds 84% Concerned About Banking Cybersecurity

From online-only banks to traditional brick-and-mortar locations, banking in America continues to evolve every day. CardRates recently surveyed more than 1,000 Americans from across the country to learn about their banking habits, preferences, and concerns as digital threats increase, technology advances, and consumer expectations shift toward convenience and security.

Cybersecurity is a concern for many Americans across several aspects of life, including finances. Our report found 86% of respondents believe online banking is the future of personal finance, but with this comes concern as 84% say security is a major concern in banking. 

It’s no surprise online banking is the way of the future — 44% of those surveyed report using online banking apps daily and 18% exclusively use online-only banks. While the majority (84%) are concerned about cybersecurity in banking, there are steps you can take to protect yourself. The top ways those surveyed secure their banking accounts include:

1. Using two-factor authentication (2FA) 
2. Monitoring accounts for suspicious activity 
3. Avoiding public WiFi for banking

Interestingly, 52% of those surveyed believe online-only banks have stronger cybersecurity than traditional banks. When it comes to how people are banking, 57% of respondents primarily use traditional banks, 22% favor online-only banks, 16% use credit unions, and 5% use other platforms like investment firms or credit unions.

When looking at how different generations bank, 55% of Gen Z and Millennials report primarily using traditional banks, while 26% mostly bank through online-only institutions. The most important factors to respondents when choosing a financial institution include convenience, fees, and security and privacy. 

“It is not surprising but still concerning that Americans are putting security as a third priority behind convenience and cost. The harsh reality is that if there is a security issue, it will ironically be not just inconvenient; it could also be very expensive,” says Bobbi Rebell, CFP® and Personal Finance Expert at CardRates.com.

Rebell adds, “Taking steps like using two-factor authentication, taking the time to monitor your accounts for fraud as well as avoiding public wifi, do take a bit more effort. But we should remember that the bad guys also will have to make that extra effort as well and may choose easier targets. Anything that makes it even just a little tougher for criminals is going to be worth the extra effort.”

The use of artificial intelligence (AI) across countless aspects of life continues to grow every day. Our survey found that 67% of Americans feel comfortable using AI-powered tools in banking, while 33% do not. AI-powered tools in banking can include chatbots and voice assistants for customer support, analysis to help detect fraud, and automation for tasks like document and data processing.

Among those surveyed who use AI tools in banking, 18% report using them a few times a month and the primary reason for using these tools is convenience. Nearly 1 in 4 (23%) of respondents believe they track their spending more closely due to AI-powered tools. 

The top concerns about AI tools among Americans are errors or incorrect advice (30%), privacy and data security (28%), and lack of human interaction (17%).

When it comes to managing their finances, Americans most favor using mobile apps (87%), followed by payment apps (58%), spreadsheets/manual tracking (26%), investment platforms (25%), and family/partner (13%).

Mobile and payment apps, spreadsheets, and investment platforms serve as the top mediums for managing finances among Americans.

While in-person banking is not the primary way most respondents handle their finances, 34% report visiting a bank branch at least once a month. Gen Z and Millennials are visiting banks less frequently, with 29% of Gen Z and 33% of Millennials going inside a bank branch once a year or less.

Many Americans are loyal to their banks: more than 1 in 3 (36%) have been with their primary financial institution for 10+ years. The biggest challenge they face with their current bank? Low interest rates. 

Americans are exploring a variety of ways to manage and grow their money. Our survey found that 1 in 3 Americans use cryptocurrency as a financial strategy. Among the generations, 45% of Gen Z use cryptocurrency, 36% of millennials, 21% of Gen X, and 13% of baby boomers. Among those who don’t currently use cryptocurrency, 26% of respondents are interested in it.

Americans distribute their finances in a variety of ways, including checking, savings, and investment accounts. Nearly 1 in 3 (31%) mostly use checking accounts, while 25% divide money between checking, savings, and investments. More than 1 in 5 (22%) only split their money between checking and savings, 16% use mostly savings, and 6% use mostly investments. 

When it comes to investing, 46% of those surveyed use investment apps. Gen Z is the generation to utilize this technology most, with 52% reporting use. The most common investment apps include brokerage apps, cryptocurrency exchanges, and robo-advisors.

In January 2025, we surveyed 1,002 Americans about their banking habits and financial strategies. Among respondents, 49% were men, 48% were women, and 3% were non-binary or preferred not to answer. Respondents ranged in age from 18 to 81, with an average age of 38.

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