ABA: Online, Mobile Banking Most Popular With Consumers

WASHINGTON — More than half of Americans manage their bank accounts online more often than any other method, according to a recent survey by the American Bankers Association.  Mobile banking ranked as consumers’ second most preferred way to bank, with about one in five people taking to their mobile devices to conduct their banking business.
 PR16-Consumer_Survey_Graphic - Preferred Banking Methods.pngWhen asked “Which method do you use most often to manage your bank account(s)?” customers responded as follows:
  • Internet (laptop or PC)  – 55%; 
  • Mobile (mobile phone, iPad, PDA, etc.) – 18%;  
  • Branches – 14%; 
  • ATMs – 6%; 
  • Telephone – 4%; and  
  • Mail – 3%.
Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments, expects mobile banking’s popularity to grow as account holders are discovering the technology and becoming more comfortable using it.
“More people are walking around today with their mobile device in hand, and banks have made it easier than ever for them to access their accounts anytime and anywhere,” said Feddis. “It’s no surprise that millennials and other digital natives are embracing the convenience of technology to conduct quick transactions. Mobile banking is also a helpful real-time option for those who have a smartphone but not a computer.”
Feddis noted that while digital banking channels are many consumers’ first choice, they are among several options available to bank customers.
“The old adage of ‘be where they are’ rings true with banking,” said Feddis. “People like options, and today’s banks offer a diverse menu of banking methods to meet the needs and preferences of their customers. Many people use a mix of these channels to do their banking, so while use of digital options is strong, branch banking remains popular with many consumers.”
The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, August 8-10, 2016.  The survey was conducted online as opposed to using telephone methodology, meaning the survey results may not be accurately compared to previous years’ findings.
About the Survey
These are some of the findings of an Ipsos poll conducted August 8-10, 2016. For the survey, a national sample of 1,000 adults aged 18 and older were interviewed online. Weighting was employed to balance demographics and ensure that the sample’s composition reflects that of the universe. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/- 3.1 percentage points 19 times out of 20 of what the results would have been if the entire population of adults aged 18 and older in the United States had been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.