Poll shows banking preferences vary generationally

A survey conducted on behalf of the American Bankers Association (ABA) recently noted that generations have different banking tendencies.

Officials said the survey was conducted by Morning Consult, focusing on 2,000 adults determined a breakdown of age demographics revealed different preferences among different generations.

Survey initiators said 46 percent of Americans aged 18-29 use mobile banking the most while 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.

Officials said visiting a bank branch is the second most popular option with Americans aged 55 and older, equating to 27 percent, while only 11 percent of those aged 18 to 29 prefer to visit a branch to conduct transactions.

“Since the first smartphone changed the world 10 years ago, banks have leveraged mobile technology to take customer account access and convenience to the next level,” Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments, said.“Banks are also integrating new technology in the design and functionality of their branches, which are still popular with many customers.”

One in four consumers use their mobile devices most often to conduct their banking business, officials said, while 18 percent visit their bank’s branch the most frequently.

“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,” Feddis said. “While digital banking channels are many consumers’ first choice, most bank customers use a mix of all of these methods.”