Three out of four respondents in a recent consumer banking survey by MarketWatch said they prefer to bank digitally, either through a mobile app or online banking via a web browser. Mobile banking was the most popular banking option with nearly 41% of respondents saying they preferred it. Online banking was the second most popular option at 33.5%.
Fifty-five percent of millennials said they prefer to bank via mobile app, compared to roughly 47% of Gen Z, 46% of Gen X and 21% of baby boomers, according to MarketWatch. At the same time, 42% of baby boomers said they prefer to bank online through a browser, compared to 35% of Gen X, 29% of Gen Z and roughly 24% of millennials. Baby boomers were also the most likely to prefer visiting a physical bank, at 37%.
The average respondent has been a customer at their primary bank for at least 13 years. The survey found that almost 61% of respondents were “extremely satisfied” with their bank, with 31% “moderately satisfied.” While more than 40% of respondents said they only bank at a single institution, respondents held an average of 1.8 accounts at different banks.
