U.S. consumers are highly satisfied with their bank’s digital banking services, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association.
Survey highlights include:
- 95% 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, 93% of respondents characterized their overall access to banking services today as “excellent,” “very good” or “good.”
- Three-quarters (75%) 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 reaching even those Americans in remote areas of the country.
“America’s banks are investing in technology that puts banking within reach, wherever life takes you,” ABA President and CEO Rob Nichols said. “From the morning commute to an evening at home, this survey shows Americans greatly appreciate their banks’ online and mobile offerings and ability to choose from a wide variety of banking options that best meet their needs.”
Consumers rank mobile apps as top banking option
The survey also found that for the seventh year in a row, U.S. consumers are conducting their banking via mobile apps more than any other method. Consumers continue to embrace digital banking channels:
- 44% of bank customers use apps on phones or other mobile devices as their top option for managing their bank account.
- 20% use online banking via laptop or PC most often.
- The next most popular banking methods include visiting a branch (10%), telephone calls (6%), and ATMs (6%).
- The percentage of those using mobile banking apps the most has increased significantly since ABA first teamed with Morning Consult to conduct this survey in 2017 (26% said mobile app was their preferred banking method that year).
A breakdown of age demographics shows preferences vary among different generations:
- More than half of Generation Z (54%) and Millennials (54%) use mobile banking apps most often, while 40% of Generation X do so.
- Baby Boomers said they use mobile banking apps the most (32%) nearly as frequently as they cited a preference for online banking via their laptop or PC (34%).
- When it comes to branches, nearly 1 in 5 Baby Boomers (18%) visit bank branches the most often, while only 4% of Gen Z prefer to visit a branch.
“This survey shows that for many Americans, banking is as much a part of their daily routine as picking up their phone,” Nichols said. “Mobile banking pairs easy access with safeguards like biometric and two-factor authentication that help protect personal and financial information. However, this survey also makes clear that the convenience of a screen doesn’t completely replace the value of a conversation. Branches remain an essential option for customers who prefer personal interaction, especially when navigating more complex transactions.”
ABA has released an accompanying infographic of the survey results.
