Survey Finds Mobile, Online Now Most Popular Methods of Account Access
The American Bankers Association finds 72% most often access their bank accounts online or via mobile platforms.
Mobile and online platforms are now the most common way Americans access their bank accounts, but some still prefer the branch, according to new research from the American Bankers Association.
The survey of 2,201 adults found that 72% most often access their bank accounts online or via mobile platforms, compared to 18% who said they do most of their banking transactions in person at a branch.
The survey also found that 42% prefer accessing their accounts via laptop or personal computer; 30% said mobile was their favorite way — up 4% from last year, the American Bankers Association noted.
“As digital mediums become omnipresent in consumers’ everyday lives, banks have invested in these channels to help people more seamlessly manage their accounts,” American Bankers Association SVP and deputy chief counsel for consumer protection and payments Nessa Feddis said. “Banks offer a variety of options for people to securely access their money at any time in the way that is most convenient for them — whatever their preference.”
Across all age groups, more than half of the respondents in the survey said they preferred digital access to branch visits, though the preference for using a computer versus using a smartphone for that digital access varied by age, the survey noted.
Half of respondents age 18-34 (51%) said they used mobile banking the most, but 56% of people 65 and older said they did most of their banking using online platforms.
Branches were still a popular option for many, though. Thirteen percent of people age 18-34 said branches were their most utilized banking method; 17% of those age 35-44, 20% of those age 45-64 and 21% of those 65 and older said the same.
Just 5% of all respondents said they used the ATM most often to access their bank accounts.
“Mobile banking has truly gone mainstream in recent years and continues to gain traction among consumers of all ages,” Feddis said. “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.”