The Memphis Business Journal reports that consumers prefer to bank online and via mobile devices, according to a new American Bankers' Association survey.
The survey revealed that 25 percent of bank users prefer banking online, marking the first time in the history of the survey that online banking has ranked No.1.
In fact, it was the preferred banking method for all bank customers under the age of 55.
Nessa Feddis, ABA senior counsel and a retail banking expert, says the results reveal a marked shift in the U.S. banking space:
This marks a watershed change. It tells us that, for the first time, more consumers prefer the speed and convenience of conducting their banking transactions on the Internet than visiting their local branch.
Twenty-one percent said they prefer to use the branch, while only 17 percent say they prefer the ATM. The popularity of ATMs was down in all age groups.
The use mobile banking was preferred by 1 percent, primarily those between the ages of 18 and 34.
