According to a survey done by the American Bankers Association (ABA), U.S. customers use mobile banking apps more than any other method.
The survey of more than 2,000 adults found that 48 percent of bank customers use apps on their phone or other mobile devices, compares to 23 percent who use online banking via their laptop or PC. Only 9 percent visit branches. The survey found that only 8 percent use ATMs and 5 percent use the telephone to manage their bank accounts.
“Mobile banking use accelerated during the pandemic and has only grown in the years since as people continue to enjoy the convenience of banking on the go,” Brooke Ybarra, ABA’s senior vice president of innovation strategy, said. “While digital channels are used most frequently, and people clearly appreciate having their bank as close as their mobile phone, consumers continue to have a wide array of banking options to meet their needs. For those who prefer to conduct transactions in person, branch visits remain a widely available option.”
The survey also showed the difference in banking preferences based on generation. More than half of Gen Z (57 percent), Millennials (60 percent) and Gen X (52 percent) preferred mobile apps, while only 39 percent of Baby Boomers did. One in six Baby Boomers (16 percent) visit bank branches most often, while only 4 percent of Gen Z and Millennials prefer to visit a branch.
The ABA said the survey is the latest in a series of studies that look at U.S. Consumer preferences and opinions on banking. The study on banking methods was conducted by Morning Consult between Sept. 20 -22, and took a national sample of 2,211 adults who answered questions online. Data was weight to approximate a target sample based on age, race/ethnicity, gender, education and region. The surveys margin of error is plus or minus 2 percentage points.