Ninety-nine percent of consumers rated their bank’s online and mobile app experience as “excellent,” “very good,” or “good,”—4 percentage points higher than last year’s record mark—according to a national survey conducted by Morning Consult on behalf of the American Bankers Association. In addition, 84% of those surveyed said innovation and technological improvements by banks are making it easier for all Americans to access financial services. A majority (55%) said they are more likely to use a contactless payment solution (such as credit or debit cards, smart phone or mobile apps, virtual wallets, etc.) because of safety precautions due to the COVID-19 pandemic.
“Demand for digital banking services has accelerated throughout the pandemic, and this survey makes it clear why — people are pleased with the convenience, security and safety that come with their bank’s online and mobile offerings,” said Rob Morgan, ABA’s senior vice president of innovation strategy. “Banks have expanded their technological capabilities significantly over the past decade, making it easier for people across the country to access financial services wherever they live.”
Nearly three in four consumers (72%) used a mobile device to manage their bank account at least once in the previous month, and nearly half (48%) did so more than three times, according to the survey. In addition, the survey found that four in 10 U.S. adults (41%) used a mobile app to make a payment or transfer money within the past year – up from 34% a year ago – with 60% of younger adults (18-34 year olds) reporting that they had done so. The most-used mobile payment apps included PayPal (73%), Zelle (27%), their bank’s app (27%), Venmo (25%), Apple Pay (21%) and Starbucks (9%).
ABA also released an accompanying infographic highlighting the survey results. The data released today is the latest in a series of results gauging U.S. consumers’ preferences and opinions regarding banks and their services. ABA recently released survey data revealing consumers’ preferred banking methods, that Americans are highly satisfied with their bank and the industry’s response to COVID-19, and that they trust banks most to keep their information safe and want regulated institutions to handle their finances. The full results for today’s survey questions are as follows:
When asked “On a scale of 1-5, where “5” is excellent and “1” is poor, how would you rate your primary bank’s online and mobile app experience?” respondents who have a bank account provided the following responses:
- Excellent – 46%
- Very Good – 37%
- Good – 16%
- Fair – 2%
- Poor – 0%
When asked “Do you agree or disagree with the following statement? Innovation and technology improvements by banks are making it easier for all Americans to have access to financial services” consumers provided the following responses:
- Strongly agree – 41%
- Somewhat agree – 43%
- Somewhat disagree – 5 %
- Strongly disagree – 1%
- Don’t know/no opinion – 1-% percent
When asked “Because of safety precautions due to the COVID-19 pandemic, are you more or less likely to use a contactless payment solution (such as credit or debit cards, smart phone or mobile apps, virtual wallets, etc.) when making a purchase?” consumers provided the following responses:
- Much more likely – 30%
- Somewhat more likely – 25%
- No change either way – 34%
- Somewhat less likely – 1%
- Much less likely – 2%
- Don’t know/no opinion – 7%
When asked “In the past month, how often have you used a mobile device, such as a smartphone or tablet, to access and manage your bank accounts, such as check balances, deposits or bill payments?” consumers provided the following responses:
- More than 3 times – 48%
- 1-3 times – 24%
- Never – 21%
- I don’t own a mobile device – 3%
- Don’t know/no opinion – 4%
When asked “In the past 12 months, have you used a mobile app on your phone or tablet, such as Apple Pay, Zelle or Venmo, to make a payment or transfer money to family or friends?” consumers provided the following answers:
- Yes – 41%
- No – 54%
- Don’t Know/No opinion – 5%
Younger adults were more likely to use mobile payment apps:
- 18-34 – 60%
- 35-44 – 56%
- 45-64 – 32%
- 65+ – 15%
When asked “Which of the following mobile apps have you used to make a payment or transfer funds?” mobile payment users selected the following apps:
- PayPal – 73%
- Zelle – 27%
- Their bank’s app – 27%
- Venmo – 25%
- Apple Pay – 21%
- Starbucks – 9%
- Android Pay – 7%
- Samsung Pay – 6%
- Other – 5%
- None of the above – 0%
When asked “Which digital experience features would you consider switching banks for?” consumers selected the following attributes:
- Mobile payments –26%
- Bill pay – 21%
- Budgeting – 10%
- Online loan application/origination – 10%
- Smart assistant integration (e.g., Alexa, Google Home) – 9%
- None – 56%
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from October 1-2, 2020, among a national sample of 2,200 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.