News

Online, mobile rule in ABA banking preferences survey

September 29, 2017

Forty percent of Americans use their bank's online channel more than any other to manage their bank account. Approximately one-quarter (26 percent) use a mobile device most often to conduct their banking business, and 18 percent most often do their banking at a branch, according to a survey conducted by Morning Consult for the American Bankers Association.

"Since the first smartphone changed the world 10 years ago, banks have leveraged mobile technology to take customer account access and convenience to the next level," said Nessa Feddis, ABA SVP and deputy chief counsel for consumer protection and payments. "Banks are also integrating new technology in the design and functionality of their branches, which are still popular with many customers."

Asked, "Which of the following methods do you use most often to manage your bank account?" consumers responded as follows:

• Online (laptop or PC) – 40 percent
• Mobile – 26 percent
• Bank branch – 18 percent
• ATM – 7 percent
• Telephone – 4 percent
• Mail – 2 percent
• Don't know or no opinion – 3 percent

Preferences break down along generational lines:

• Of respondents age 18–29, 46 percent use mobile banking most.
• Of those age 30–44, mobile and online banking are nearly tied at 36 percent and 35 percent, respectively.
• Of those age 65 and older, 52 percent do most of their banking online.

"As you might expect, millennials who have largely grown up with a smartphone in their hand are the most accustomed to using mobile technology to conduct transactions," Feddis said. "While digital banking channels are many consumers' first choice, most bank customers use a mix of all of these methods."

^{The poll was conducted Aug. 24-26, among a national sample of 2,000 adults. Interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race and ethnicity, gender, educational attainment, and region.}