While the Internet is still America’s most popular banking method, mobile banking has steadily gained momentum and is now preferred by 10 percent of consumers — up from 8 percent in 2013. That’s according to a recent survey by the American Bankers Association (ABA). The annual survey of 1,000 U.S. adults was conducted for […]
While the Internet is still America’s most popular banking method, mobile banking has steadily gained momentum and is now preferred by 10 percent of consumers — up from 8 percent in 2013. That’s according to a recent survey by the American Bankers Association (ABA).
The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market-research firm, from Aug. 7-12. This is the sixth year in a row that customers have said the Internet is their favorite way of conducting their banking business, albeit by a slimmer margin than last year, the ABA noted.
Thirty-one percent of respondents said it’s the method they use most often to manage their bank accounts, down from 39 percent in 2013.
The second most popular way to bank — visiting a branch office — increased to 21 percent, while those preferring to use ATMs rose to 14 percent, according to the survey.
Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments, noted in a news release that this growth reflects banks’ recent investment in technological upgrades to enhance efficiency and customer service in these areas.
“Advances in technology have enabled banks to expand customer choices and make it easier for consumers to manage their account anywhere, any time,” Feddis said in the release. “Consumers can deposit their check through a teller or interactive kiosk at a local branch, at an ATM or through an app on their mobile device.
Most people use a mix of these methods.”
When asked “Which method do you use most often to manage your bank account(s)?” customers responded as follows:
- Internet banking (laptop or PC) – 31% (39% in 2013)
- Branches – 21% (18% in 2013)
- ATMs – 14% (11% in 2013)
- Mobile (cell phone, Blackberry, PDA, iPad, etc.) – 10% (8% in 2013)
- Telephone – 7% (7% in 2013)
- Mail – 6% (7% in 2013)
- Don’t know – 11% (10% in 2013)
“It’s clear that branches are still popular with many bank customers,” said Feddis. “When people are conducting a complex transaction like opening an account or applying for a home or business loan, they often prefer to do it in person. We’re seeing a branch renaissance in some areas, with many banks transforming their branches to become more efficient and customer-friendly.”
Online banking first became the most preferred banking method in the U.S. in 2009 with 25 percent of customers naming it as their favorite. Previously, visiting a branch was the most popular method, followed by ATMs.
The American Bankers Association says it represents the nation’s $14 trillion banking industry, including small, regional, and large banks that together employ more than 2 million people.