The popularity of mobile banking continues to grow, according to a recent survey by the American Bankers Association (ABA). The survey of 1,000 U.S. adults revealed that while the Internet remains the most popular banking method, mobile banking has eclipsed the popularity of the telephone and U.S. mail and is now preferred by 8 percent of […]
The popularity of mobile banking continues to grow, according to a recent survey by the American Bankers Association (ABA). The survey of 1,000 U.S. adults revealed that while the Internet remains the most popular banking method, mobile banking has eclipsed the popularity of the telephone and U.S. mail and is now preferred by 8 percent of customers — a 33 percent increase from a year ago.
The annual survey of 1,000 U.S. adults was conducted for the ABA by Ipsos Public Affairs, an independent market research firm, this summer. This is the fifth year in a row that customers have named the Internet as their favorite way of conducting their banking business, with 39 percent of respondents once again saying it is the method they use most often to manage their bank accounts, the ABA said. The second most popular way to bank — visiting a branch — remained at 18 percent.
“Digital and mobile banking is increasingly popular with today’s consumers who want account management tools at their fingertips,” Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments, said in a news release.
“As consumer banking preferences evolve, banks remain committed to offering a variety of choices that meet the needs of all customers,” she said.
When asked, “Which method do you use most often to manage your bank account(s)?” customers responded as follows in 2013 (compared to 2012):
§ Internet banking (laptop or PC): 39 percent
(39 percent in 2012)
§ Branches: 18 percent (18 percent in 2012)
§ ATMs: 11 percent (12 percent in 2012)
§ Mobile (cell phone, smartphone, tablet etc.): 8 percent (6 percent in 2012)
§ Mail: 7 percent (8 percent in 2012)
§ Telephone: 7 percent (9 percent in 2012)
§ Don’t know: 11 percent (8 percent in 2012)
“It’s not surprising that branches remain the second most popular option,” said Feddis. “Many people prefer sitting down with someone to discuss complex transactions like opening an account or applying for a home or business loan.”
Online banking first became the most-preferred banking method 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 banks of all sizes and charters and is the voice for the nation’s $14 trillion banking industry and its 2 million employees. The majority of ABA’s members are banks with less than $185 million in assets, the association says.