Mobile-first bank account GoBank officially launched 13 months ago, and its parent company, Green Dot Corp., released data on its usage for the first time in the company’s earnings call yesterday evening.
The portfolio of active accounts is now large enough, CEO Steve Streit said, that data about the service is “meaningful.” Here are the data points Streit announced:
- About 75% of new account holders that make an initial deposit will make a second deposit
- The most popular methods of depositing money are direct deposit, mobile check deposit, ACH transfer from another bank account, and cash deposit at a retail location, in that order
- Almost 60% of active account holders say that GoBank is their primary checking account
- GoBank active customers deposit $1,000 per month on average to their accounts, and that figure grows each month
- 23% of active users use GoBank for bill payment and “even more” use the P2P payment feature
- Account holders use their debit cards for an average 19 transactions per month and spend $600 monthly. This metric has grown more than 12% in the last 60 days
- More than half of account holders are between the ages of 18 and 34
Streit also mentioned that, beginning this past Monday, GoBank is testing a store-based version of the product — possibly the “starter kit” first mentioned last week — in 20 Walmart locations in Texas. “I can confirm… that we are in a small number of Walmart stores in Texas on a pilot basis with a productized version of GoBank,” Streit said.