ABA today released new data showing that more than nine in 10 Americans (93 percent) rated their bank’s online and mobile app experience as “excellent,” “very good” or “good.” Seventy percent use a mobile device to manage their bank account at least once per month, and 46 percent do so more than three times per month, according to the survey, conducted for ABA by Morning Consult. ABA released an accompanying infographic highlighting the survey results.
The survey also found that 29 percent of U.S. adults — and 44 percent of younger adults (aged 18-34) — used a mobile app to make a payment or transfer money within the past year. The most-used mobile payment apps included Paypal (67 percent), their bank’s app (33 percent) and Venmo (29 percent). One in 6 consumers (16 percent) said they would be willing to switch banks for a better digital experience.
“As fewer people carry around cash and checkbooks, more and more consumers are turning to mobile payment apps to split a tab, send money to family or even pay their rent,” said ABA SVP Nessa Feddis. “This survey shows that Americans increasingly appreciate and like the innovative and personalized services banks offer. These data also reveal why bank investment in new technology is so important.”