ABA Survey: Mobile remains the primary consumer choice for banking | Techy Kings


Mobile apps remain the most popular choice for consumers when banking, according to a new survey commissioned by the American Bankers Association. Research firm Morning Consult surveyed more than 2,200 US adults about the methods they used most to manage their bank accounts over the past 12 months. Forty-five percent of bank customers cited an app on a phone or other mobile device as their top choice—the third year in a row that mobile banking was the most popular choice among consumers. Twenty-seven percent of customers prefer online banking on a laptop or PC. Branch banking, which fell to 10% during the pandemic, increased to 14% at the expense of other channels such as ATMs (which fell from 8% last year to 6% this year) and phone calls (which fell from 7% last year to 3% this year).

Different generations have different preferences for how they access banking services, according to the survey. More than half of Generation Z, millennials and Generation X use mobile banking apps most often, while a large number of baby boomers use online banking most often (38%). One in five baby boomers (20%) visit a bank branch most often, while only 6% of Gen Z choose to visit a branch.

The ABA survey results are in line with the FDIC’s most recent National Survey of Unbanked and Underbanked Households, which found that the percentage of banked households citing mobile apps as their preferred banking method jumped from 15.1% in 2017 and 34% in 2019 to 43.5% in 2021.

“As mobile banking capabilities have grown exponentially over the past decade as a result of banks’ investments in technology, we’ve seen many consumers become more comfortable embracing their phones and tablets to make everyday transactions,” said Brooke Ybarra, ABA senior vice president of innovation strategy. . “As the pandemic makes in-person interactions more difficult, more people are taking advantage of the easy-to-use technology at their fingertips to deposit a check, pay a bill or send money to a friend, and they’re not looking back. At the same time, in-person branch visits continue to play an important, albeit less frequent, role for most bank customers, especially when it comes to more complex transactions.”


Source link