The bank earnings continue to roll in. And amid the commentary on the state of the consumer, on the impact of white-hot inflation, on deposits and card spend, there’s one constant, so far, no matter the bank.
The mobile trend continues unabated.
We’ve seen JPMorgan report, and on Friday (July 15), the numbers are out from Citi and Wells. And while as of this writing, management of the latter two banks has yet to weigh in on the post-earnings release calls, the great digital shift shines through in the supplementals and webcast slideshows.
JPMorgan, as we reported on Wednesday, has stated that active mobile customers were up 11% year on year to 47.4 million.
Read more: JPMorgan Says US Consumer in ‘Great Shape’ but Macro Is Deteriorating
Similarly, a glance at Wells Fargo’s data Friday shows that mobile active customers at the end of the second quarter stood at 28 million, gaining 4% year over year. Total digitally active customers in the period were 33.4 million, a 2% gain. Retail bank branches were down 4% as measured against 2021, to 4,660.
Elsewhere, Citi’s materials show that active mobile users in the quarter were 17 million, surging 14% from the second quarter of 2021. Active digital users were 24 million, up 8%.
As to how those phones and tablets are being wielded: Citi has stated that end of period digital deposits were $20 billion at the end of the quarter, and that represents a 20% jump from the corresponding year-ago period.
Credit and Debit Spend are Healthy
Credit and debit spending continues to be healthy pretty much across the board. JPMorgan, as has been reported, showed 15% growth in debit and credit card volumes. Citi said that credit card spend volume was 18% higher, to $122 billion on its branded cards. Wells said that credit card volume of $30.1 billion compared favorably with the $23.6 billion a year ago. Debit card POS volume was $125.2 billion, up from $122 billion.
The great digital shift has been spotlighted in these digital pages, where, for example, we found that nearly 6 in 10 (59%) of consumers across all 11 nations engaged in some form of mobile banking. As we noted in an international study on digital engagement, “the availability of attractive mobile banking alternatives to brick-and-mortar banking — coupled with the widespread availability of smartphones — drives both adoption and usage, and an increase in their overall CE Index ranking” of the ‘bank’ pillar.
Volatility may be the hallmark of the stock markets and consumer spending may wax and wane, but the great digital shift seems a constant that the banks can, well, bank on.
Read Also: New Study: Digital Changing How World Shops, Pays and Banks — At Differing Speeds
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