Oct 3 - The popularity of mobile banking continues to grow, according to a recent survey by the American Bankers Association. The survey of 1,000 U.S. adults revealed that while the Internet remains the most popular banking method, mobile banking has eclipsed 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 annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, July 11-17, 2013. This is the fifth year in a row that customers have named the Internet as their favorite way of conducting their banking business, with 39 percent of respondents once again saying it is the method they use most often to manage their 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,” said Nessa Feddis, ABA’s senior vice president and deputy chief counsel for Consumer Protection and Payments. “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:
“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.
About the Survey
These are some of the findings of an Ipsos poll conducted Aug. 8-13, 2013. For the survey, a national sample of 1,000 adults aged 18 and older were interviewed by telephone. Weighting was employed to balance demographics and ensure that the sample's composition reflects that of the universe. A survey with an unweighted probability sample of this size and a 100 percent response rate would have an estimated margin of error of +/- 3.1 percentage points 19 times out of 20 of what the results would have been if the entire population of adults aged 18 and older in the United States had been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.