Mobile banking becoming more popular

Mobile banking is becoming progressively more popular, says the ABA (American Bankers Association).

In a survey involving 1,000 US adults, mobile banking is now preferred by 8% of customers, two percentage points higher than a year ago.

The Internet is still the most popular banking method, but mobile has overtaken the telephone and US mail in people’s preference.

Ipsos Public Affairs, an independent market research company, carried out the survey from July 11 to 17, 2013. The Internet has been the people’s favorite way of conducting banking business for five consecutive years. This year, 29% of customers said they preferred using the Internet to manage their bank accounts.

Physically going to one’s local branch is still preferred by 18% of individuals.

Digital and mobile banking are increasingly popular

Nessa Feddis, ABA’s senior vice president and deputy chief counsel for Consumer Protection and Payments, said:

“Digital and mobile banking is increasingly popular with today’s consumers who want account management tools at their fingertips. As consumer banking preferences evolve, banks remain committed to offering a variety of choices that meet the needs of all customers.”

 

Survey participants responded to the question “Which method do you use most often to manage your bank account(s)?” as follows:

  • Internet Banking (PC/Laptop) – 39% (same as in 2012)
  • Branches – 18% (same as in 2012)
  • ATM – 11% (12% in 2012)
  • Mobile banking – 8% (6% in 2012)
  • Mail – 7% (8% in 2012)
  • Telephone – 7% (9% in 2012)
  • Don’t Know – 11% (8% in 2012)

(Mobile banking includes cell phone, Blackberry, PDA, iPad, etc.)

Feddis said “It’s not surprising that branches remain the second most popular option. Many people prefer sitting down with someone to discuss complex transactions like opening an account or applying for a home or business loan.”

Before 2009, visiting the branch had been the most popular method for conducting banking business by customers in the USA, followed by ATMs. Internet banking became the most popular that year with 25% of respondents expressing a preference.

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