More than half of U.S. consumers are conducting their banking via mobile apps more often than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The national survey found that consumers continue to embrace digital banking channels, with 55% of bank customers using apps on phones or other mobile devices as their top option for managing their bank account and 22% using online banking via laptop or PC the most in the past 12 months. The next most popular banking methods include visiting a branch (8%), ATMs (5%) and telephone calls (4%). The percentage of mobile app users is the highest since ABA and Morning Consult first started conducting the survey in 2017.
A breakdown of age demographics shows preferences vary among different generations. About two-thirds of Generation Z (64%) and millennials (68%) use mobile banking apps most often, while more than half of Generation X (55%) do so. Nearly half of baby boomers (41%) most often utilize online banking via laptop or PC to manage their accounts. When it comes to branches, nearly one in seven baby boomers (13%) visit bank branches the most often, while only 4% of Gen Z and millennials prefer to visit a branch.
“While the pandemic greatly accelerated mobile banking adoption, America’s banks have sustained — and even increased — this growth by investing in innovative technologies that make banking on-the-go as seamless and secure as ever before,” said Brooke Ybarra, ABA’s SVP of innovation strategy.
Consumers highly satisfied with digital banking channels
The survey also found that consumers are highly satisfied with their bank’s digital banking channels — 96% of consumers rate their bank’s online and mobile app experience as “excellent,” “very good,” or “good.” When considering the growth of digital and online tools as well as traditional branches and ATMs, 94% of respondents also characterized their overall access to banking services today as “excellent,” “very good” or “good.” In addition, 83% of respondents said innovation and technological improvements by banks are making it easier for all Americans to access financial services, an acknowledgment of the role technology is playing in promoting financial inclusion.
ABA released an accompanying infographic highlighting the survey results. The association has also published additional survey data on major policy issues such as the accountability of federal credit unions and credit card rewards, debit interchange fees paid by retailers, overdraft protection and cannabis banking, as well as data revealing that Americans are happy with their bank and the options available to them, view banks as a source of strength for the economy, and trust banks most to protect them from fraud.
