Can I Download Fnb App Without Going To The Bank

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The FDIC is committed to expanding Americans' access to safe, secure, and affordable banking services, which is integral to the FDIC's mission of maintaining the stability of and public confidence in the U.S. financial system. The FDIC National Survey of Unbanked and Underbanked Households is one contribution to this end. Conducted biennially since 2009 partly in response to a statutory mandate, the survey is administered in partnership with the U.S. Census Bureau and collects information on bank account ownership; use of prepaid cards and nonbank online payment services; use of nonbank money orders, check cashing, and money transfer services; and use of bank and nonbank credit.

The financial disruptions due to the COVID-19 pandemic created unique opportunities and challenges for economic inclusion, some of which may be temporary, while others may be longer lasting. The importance of quickly receiving income from Economic Impact Payments or other government relief programs created a unique bankable moment, and consumers benefitted from enhanced online and mobile account opening technologies and the greater availability of safe and affordable bank accounts. This combination of factors resulted in meaningful gains in connecting households to the banking system.

Health and safety concerns regarding in-person interactions during the pandemic may have accelerated the long-term trend of increasing use of mobile and online channels to access financial products and services, such as mobile banking and online payment services. As the pandemic wanes, it will be important to carefully monitor whether the shift from in-person activity continues, stabilizes, or subsides.

Beyond impacts directly tied to the pandemic, the financial services marketplace continues to become more disaggregated, and consumers are bundling services and providers (bank and nonbank) in new and interesting ways. This disaggregation may provide greater choices for consumers but also may make it more difficult for consumers to clearly distinguish differences between bank and nonbank products and to understand the protections available, such as deposit insurance. The economic inclusion implications of disaggregation on different segments of the population bear further research and highlight the need to learn more about how consumers are navigating the choices presented to them by the evolving marketplace.

The pandemic highlighted the need for consumers to quickly respond to economic shocks, particularly to ensure that they were able to receive and access relief funds and other benefits. Community organizations, policymakers, and bankers raised awareness about Economic Impact Payments and connected consumers to bank accounts. For example, the FDIC launched a national #GetBanked consumer education campaign and collaborated with the U.S. Department of the Treasury to help consumers connect to banks that offered online opening of safe and affordable accounts so that they could establish a banking relationship and receive stimulus payments more quickly and securely.

The 2021 survey provides strong evidence that receipt of income, such as stimulus payments, unemployment benefits, and employment income, was an important motivator for account openings. Among recently banked households that received a government benefit payment, almost half said that the payment contributed to opening an account. And among recently banked households that started a new job, one in three said that the new job contributed to opening an account. These results are consistent with 2013 findings that showed that the most common reason recently banked households opened an account was to receive direct deposit. Together, these findings provide compelling evidence of the effectiveness of focusing on bringing people into the financial mainstream when they are receiving funds.

Economic inclusion efforts should continue to focus on connecting consumers with safe and affordable accounts at a variety of bankable moments, for example, with receipt of new employment income, tax refunds, and government benefits and transfers. While initiatives to bank consumers at opportune moments have existed for some time (e.g., Bank On, Volunteer Income Tax Assistance site banking efforts), more options are available today than in the past to connect consumers with safe and affordable bank accounts. As of September 2022, over 250 banks and credit unions offer an account that meets Bank On National Account Standards. In addition, mobile and online account opening options are more accessible. Restrictions on in-person activities during the pandemic led many banks to enhance their digital account opening technologies to make it easier and quicker for consumers to open accounts remotely through online and mobile banking. At the same time, consumer comfort and familiarity with financial technology increased as many consumers used online and mobile methods for shopping or handling their finances. Public awareness campaigns timed with bankable moments highlighting account opening options could be helpful for bringing consumers into banking.

In addition to expanding access to banking, maintaining sustainable banking relations is a key economic inclusion consideration. The pandemic tested the sustainability of banking relationships when labor market disruptions reduced or curtailed many household income streams. In 2021, about one in five recently unbanked households (21.1 percent) reported that losing or quitting a job, being furloughed, having reduced hours, or having a significant loss of income contributed to closing a bank account in the prior 15 months. As sizeable as this share is, it is much lower than results reported in a past FDIC survey. Although not directly comparable, in 2013, one-third (33.9 percent) of recently unbanked households experienced a significant income loss or a job loss that they said contributed to the household becoming unbanked. Government aid and financial system flexibilities during the pandemic likely played a role in mitigating consumer financial distress, particularly in helping consumers meet their credit obligations. But it would be beneficial to identify lessons learned regarding communication strategies, staff training, or bank policies that were particularly effective in helping consumers and financial institutions navigate financial disruptions. For example, at the start of the pandemic, regulators encouraged financial institutions to work with consumers, especially LMI consumers, and to consider measures to reduce the financial impact of the pandemic, such as waiving early withdrawal penalties for time deposits or ATM fees. It is important to explore whether these or other efforts were effective and could be continued to help LMI consumers cope with short-term financial shocks without becoming unbanked.

An example of how consumer use of financial providers has been shifting over time is the long-term trend of declining use of the nonbank financial products and services covered by the survey. For the most commonly used nonbank financial transaction services, usage has fallen significantly. In 2021, the share of households that used nonbank money orders and nonbank check cashing in the past year was half of what it had been in 2011. Check cashing use fell from 7.9 percent in 2011 to 3.2 percent in 2021, while money order use fell from 18.8 percent to 9.7 percent.

These declines have persisted across bank account ownership and demographic groups. Significant drops have been seen among both the highest- and lowest-income households. For example, the use of nonbank money orders among households with less than $15,000 in income dropped from 30.8 percent to 19.4 percent between 2011 and 2021, while it fell from 10.2 percent to 5.1 percent among households with income of $75,000 or more. Among some groups, use of nonbank financial services declined considerably between 2019 and 2021; for example, unbanked households' use of nonbank check cashing fell from 39.9 percent in 2011 to 31.9 in 2019, and dropped to 21.8 percent in 2021. Impacts from the pandemic may have played a role in accelerating changes in consumer financial services choices.

Similarly, nonbank credit use has also declined. In 2013, 7.5 percent of households used at least one of the nonbank credit products tracked by the survey at that time: rent-to-own services and payday, pawn shop, tax refund anticipation, and auto title loans. But in 2021, the share of households using those same products fell by 40 percent to 4.4 percent. The decline was particularly pronounced among unbanked households; nearly one in five unbanked households (18.2 percent) used at least one of these nonbank credit products in 2013, but fewer than one in ten (9.5 percent) did so in 2021.

Decreasing use of these nonbank services, especially through a period of declining unbanked rates, could imply that a growing number of households is fulfilling financial services needs within the banking system and benefiting from the consumer protections and opportunities that the system provides. However, to understand whether the decline in observed use of nonbank financial services correlates with greater inclusion in banking, more information is needed about whether and how households have replaced nonbank products and services like money orders and check cashing. It is also important to think about household attitudes, characteristics, and usage patterns when assessing how and why financial habits are changing. For example, while it may be reasonable to consider that unbanked households that were using nonbank services but were very interested in having a bank account may have curtailed their use of nonbanks in favor of banks, a significant portion of unbanked households do not trust banks, and it is less likely that these households are shifting from nonbanks to banks. e24fc04721