Over the past few years, more people have begun to move from traditional brick-and-mortar banks to online banking, and the reason for this migration is quite obvious. Online banking is a lot easier and allows people to make financial transactions from anywhere in the world.

Because online banks have worked hard to be competitive with traditional banks, it actually makes a lot of sense for some people to move their accounts online. With that being said, it’s also a good time to think about celebrating the virtues of online banking by observing National Online Bank Day on the second Monday in the month of October.

Facts About Online Banks

Below are some fascinating facts about online banks that you might find interesting. Let’s take a closer look at them and see how online banking has changed the world.

• Internet banking actually began during the early 1980s.
• Chase Manhattan and Citibank were the first banks to offer online banking to their customers.
• By 2001, Bank of America had almost 3 million online users.
• By 2006, approximately 80% of the banks in the U.S. provided online banking.
• More than half of the population of Europe is using online banking.
• Approximately 9 out of 10 banking customers use mobile banking.
• By 2019, over 55 million Millennials used digital banking in the U.S.
• Banks lose about $1 trillion to cybercrime every year.

Observing National Online Bank Day

This holiday can be observed by taking the time to consider moving your financial accounts to an online bank-if you feel comfortable with it, of course. Another way to observe this holiday is by changing the passwords on your online bank accounts to make sure that they’re secure. Anyone wishing to spread the word about this holiday can do so by using the hashtag #NationalOnlineBankDay on their social media accounts.