Two in five Americans (39 percent) use a mobile device to manage their bank account at least once per month, according to a recent survey by the American Bankers Association.
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 second year the question was asked as part of ABA’s annual survey.
How often?
When asked “In the past month, how often have you used a mobile device to access and manage your bank accounts?”, consumers provided the following responses:
- 1-3 times – 16 percent (15 percent in 2014)
- More than 3 times – 23 percent (23 percent in 2014)
- Never (own a mobile device but never use it for this purpose) – 42 percent (45 percent in 2014)
- Don’t own a mobile device – 14 percent (15 percent in 2014)
- Unsure – 5 percent (3 percent in 2014)
Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments, noted that these results closely parallel the findings in a March 2015 report by the Federal Reserve, which found that 52 percent of smartphone owners with a bank account have used mobile banking in the previous 12 months.
“Mobile banking has grown in popularity as availability and consumer awareness have increased,” said Feddis. “We anticipate that more customers are likely to gravitate toward mobile banking as institutions bolster their offerings in areas like mobile payments and geo-location services that can help customers find the nearest ATM and discounts from local merchants nearby.”
Popularity ‘no surprise’
Feddis continued to say that the popularity of mobile banking is not surprising because it is simply reflecting the amount of time users spend on mobile devices anyway. She also highlights that the rise in popularity is down to large investments being made by financial institutions.
“It’s no surprise that mobile banking has become more popular given banks’ increased investment in this technology. Smartphones and tablets have become such an essential part of daily life for many Americans. Mobile banking is another way that institutions are making it more convenient for their customers to manage their accounts anytime and anywhere.”
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