Online banking still most popular in the US, but mobile is catching up

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According to a recent report by the American Bankers Association, online is still the most popular way for Americans to bank, but mobile is on the rise with 12 per cent of consumers preferring the method, up from 3 per cent just five years ago.

The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, July 8-13, 2015.  This is the seventh year in a row that customers have named the Internet as their favorite outlet for conducting their banking business. Nearly one-third of respondents (32 per cent) said it is the method they use most often to manage their bank accounts, up slightly from 31 per cent in 2014.

Unsurprisingly, the consistent popularity of online banking coupled with a rise in mobile has come at the expense of bricks-and-mortar banking.

The number of people who preferred visiting a branch fell 4 points to 17 per cent. However, the end for physical branches is far from over as it remained the second most popular way to bank.

What does appear to be definitely suffering at the advent of on-the-go-banking is the ATM. Mobile banking nearly eclipsed ATMs, which fell slightly to 13 per cent.

Online banking first became the most preferred banking method in 2009 with 25 percent of customers naming it as their favorite.  Previously, visiting a branch was the most popular method, followed by ATMs.

 

Mobile banking’s popularity will continue to grow as banks enhance their mobile functionality and make it easier for consumers to access their accounts anytime and anywhere,” said Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments.

Feddis went on to say that traditional branches will remain, although most likely in a different form.

“Online and mobile banking are features that complement, but do not replace, branches. The design of branches may change, but as the survey numbers suggest, they’re here to stay.”

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