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Internet Is Top Banking Method

Mobile still niche preference

September 28, 2009

Online is now the No. 1 method of banking, according to an August 2009 survey of US consumers by the American Bankers Association (ABA).

One-quarter of respondents preferred banking online to using branches, ATMs or any other channel.

Preferred Banking Method of US Consumers, 2009 (% of respondents)

Online banking was not only popular with the youngest consumers—it was the top response of all those under age 55. Older bank customers still preferred their local branch (26%) and ATMs (17%), but the popularity of branches and ATMs was down in all age groups from 2008.

“It tells us that for the first time, more consumers prefer the speed and convenience of conducting their banking transactions on the Internet than visiting their local branch,” said Nessa Feddis, ABA senior counsel and retail banking expert. “It also tells us that consumers now have confidence in the accuracy and security of online banking.”

Consumers were significantly less confident, however, in mobile banking, with just 1% reporting it was their favorite method.

According to May 2009 data from Cloudmark and Harris Interactive, only 8% of US mobile content users conducted mobile banking activities.

Mobile Content Activities of US Mobile Content Users, May 2009 (% of respondents)

More than seven in 10 respondents to Cloudmark’s survey who were concerned about mobile security said they avoided banking or paying bills via mobile because of their fears.

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Check out today’s other article, “What’s in a Retail E-Mail?

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