Mobile Banking Vaults to Second Place in Consumer Preference

2016ConsumerSurveyGraphicMobile banking has leaped into position as the second-most-preferred form of banking, chosen by 18 percent of bank customers, up six points from last year and nearly double since 2014, according to an Ipsos Public Affairs survey conducted for the American Bankers Association. Online banking also rose as the most preferred banking method, however, with 55 percent of respondents saying they prefer to bank online — marking the eighth consecutive year that consumers have named the Internet as the most popular way to bank.

“More people are walking around today with their mobile device in hand, and banks have made it easier than ever for them to access their accounts anytime and anywhere,” said ABA SVP Nessa Feddis. “It’s no surprise that millennials and other digital natives are embracing the convenience of technology to conduct quick transactions. Mobile banking is also a helpful real-time option for those who have a smartphone but not a computer.”

The survey found that the number of people who preferred visiting a branch continued falling, dipping three points to 14 percent. ATMs were preferred by 6 percent, down seven points from 2015. Four percent chose phone banking, and 3 percent said they preferred to bank by mail.