A new survey from the American Bankers Association shows a rise in the use of mobile apps for online banking.
The survey, conducted by Morning Consult, said that 55 percent of bank customers use apps on phones or other mobile devices as their top choice for banking. The percentage of mobile app users is the highest since ABA and Morning Consult began this survey in 2017.
Further, 22 percent conduct online banking via laptop or PC. Meanwhile, only 8 percent said their top banking method was visiting a branch, while 5 percent said ATMs, and 4 percent said over the telephone.
“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,” Brooke Ybarra, ABA’s senior vice president of innovation strategy, said. “Customers can deposit a check remotely, split a dinner bill with a friend instantaneously, and track their spending and saving patterns with ease on their mobile device. With most Americans using a mobile device every day, digital banking options have helped bring unbanked households into the banking system, connecting them with all of the benefits that come with a bank account.”
Younger generations use mobile apps the most, as roughly 64 percent of Generation Z and 68 percent of Millennials use mobile banking apps most often. Further, about 55 percent of Generation X use apps the most for banking.
In addition, 41 percent of Baby Boomers conduct online banking via laptop or PC while 13 percent of Baby Boomers visit bank branches the most often. Only 4 percent of Gen Z and Millennials prefer to visit a branch.
Also, 96 percent of consumers rate their bank’s online and mobile app experience as “excellent,” “very good,” or “good.” Further, 94 percent of respondents characterized their overall access to banking services today as “excellent,” “very good” or “good.” Finally, 83 percent of respondents said innovation and technological improvements by banks are making it easier to access financial services
This poll was conducted from Oct. 7-10, 2024, among a national sample of 4,508 adults split into two representative groups for specific question sets.