Popularity of mobile banking is growing

The popularity of mobile banking continues to grow, according to a recent survey by the American Bankers Association (ABA).  The survey of 1,000 U.S. adults revealed that while the Internet remains the most popular banking method, mobile banking has passed the popularity of the telephone and U.S. mail and is now preferred by 8 percent of customers — a 30 percent increase from 2012.

The ABA’s annual survey of 1,000 U.S. adults was conducted by Ipsos Public Affairs, an independent market research firm, from July 11-17. This is the fifth consecutive year that customers have named the Internet as their favorite way of conducting banking business, with 39 percent of respondents saying it is the method they use most often to manage bank accounts.           

The second most popular way to bank — visiting a branch — remained at 18 percent.

“Digital and mobile banking is increasingly popular with today’s consumers who want account management tools at their fingertips,” Nessa Feddis, ABA’s senior vice president and deputy chief counsel for Consumer Protection and Payments, said in a statement.  “As consumer banking preferences evolve, banks remain committed to offering a variety of choices that meet the needs of all customers.”

When asked,  “Which method do you use most often to manage your bank account(s)?” customers responded as follows:

·         Internet banking (laptop or PC)  – 39% (39% in 2012)

·         Branches – 18% (18% in 2012)
·         ATMs – 11% (12% in 2012)

·         Mobile (cell phone, Blackberry, PDA, iPad, etc.) – 8% (6% in 2012)
·         Mail – 7% (8% in 2012)

·         Telephone – 7% (9% in 2012)
·         Don’t Know – 11% (8% in 2012)

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

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.