News

Online, mobile now consumers' preferred banking channels

October 18, 2018

Almost three-quarters of Americans (72 percent) most often access their bank accounts either online or by mobile phone, according to a survey conducted by Morning Consult on behalf of the American Bankers Association.

The percentages per channel break down as follows:

• Online (laptop or PC) — 42 percent
• Mobile app (smartphone or tablet) — 30 percent
• Bank branch — 18 percent
• ATM — 5 percent
• Telephone — 2 percent
• Mail — 1 percent

Banking channel preferences by age group are:

• Age 18–34: 51 percent mobile; 28 percent online; 13 percent branch.
• Age 35–44: 40 percent mobile; 35 percent online; 17 percent branch.
• Age 45–64: 49 percent internet; 22 percent mobile; 20 percent branch.
• Age 65-plus: 56 percent internet; 21 percent branch; 11 prefer mobile.

"Mobile banking has truly gone mainstream in recent years and continues to gain traction among consumers of all ages," said Nessa Feddis, ABA senior vice president and deputy chief counsel for consumer protection and payments. "At the same time, banking in person at branches has consistently maintained its appeal to a large number of people. While many consumers have a favorite banking channel, we're continuing to see most bank customers using a mix of the account management methods available to them."