Michelle Paulnock | Posted on Dec 01, 2017
Did you know forty percent of Americans manage their bank accounts online more frequently than any other method? According to a recent survey conducted by Morning Consult* on behalf of the American Bankers Association, 1 in 4 consumers (26 percent) use their mobile devices most often to conduct their banking business, while 18 percent visit their bank’s branch the most frequently.
Since the introduction of the first smartphone 10 years ago, banks have leveraged mobile technology to take customer account access and convenience to the next level. Banks are also integrating new technology in the design and functionality of their offices, which are still popular with many customers.
When asked “Which of the following methods do you use most often to manage your bank account?”, consumers responded as follows:
- Internet (Laptop or PC) – 40 percent
- Mobile – 26 percent
- Bank Offices/Branches – 18 percent
- ATM – 7 percent
- Telephone – 4 percent
- Mail – 2 percent
- Don’t know/No opinion – 3 percent
In taking a closer look at mobile banking via smartphone, many of the products, services and priorities that bank customers care about can be supported through a quality mobile banking app. While multiple studies show that the majority of mobile banking is currently transactional, there are signs that the banking public is interested in expanding how they use mobile to interact with financial institutions. Specifically, many are already using mobile apps to check balances, make deposits and payments, and monitor fraud. Other opportunities to expand the services provided through mobile banking apps may include personal financial advice, initiation of loan applications, and more. The technology is always expanding to meet the needs of consumers.
A breakdown of age demographics shows different preferences for how people conduct their banking among different generations. As you might expect, millennials --- who have largely grown up with a smartphone in their hand --- are the most accustomed to using mobile technology to conduct transactions. Nearly half (46 percent) of Americans aged 18-29 use mobile banking the most, while more than half (52 percent) of those aged 65 and older do most of their banking online. Mobile and online banking are nearly tied as the most popular option among Americans aged 30-44 at 36 percent versus 35 percent, respectively. Visiting a bank office or branch is the second most popular option with Americans aged 55 and older at 27 percent, while only 11 percent of those aged 18-29 prefer to visit an office or branch to conduct transactions.
How will Americans access their bank accounts 10 years from now? Based on the technology revolution that has occurred over the past 10 years, we can expect to see many new developments in technology over the next decade to further enhance the consumer’s overall banking experience.
* Source: Morning Consult, on behalf of the American Bankers Association, conducted an online survey of 2,000 U.S. adults from August 24-26, 2017.