A quarter of US customers prefer to do their banking online, according to a survey by the American Bankers Association (ABA).
The survey found that across all age groups, 25 percent of people prefer internet banking, compared to 21 percent who favour visiting their branches, and 17 percent who use ATMs. It also found that the popularity of online banking was not exclusive to younger consumers. A total of 11 percent of over-55s preferred online banking and 26 percent generally preferred to visit their local branch, followed by 17 percent preferring ATMs.
Nessa Feddis, ABA senior counsel and retail banking expert, said: “This marks a watershed change. It tells us that for the first time, more consumers prefer the speed and convenience of conducting their banking transactions on the internet than visiting their local branch. It also tells us that consumers now have confidence in the accuracy and security of mobile banking – which includes mobile phones and PDAs (personal digital assistants). Mobile banking was a favourite among 1 percent of customers, mainly 18- to 34-year-olds."
Feddis added: “Online banking may now be the most preferred method of banking, but banks are committed to providing the best customer service to all consumers. Increasing competitive focus means bank customers will continue to have the choice between branches, ATMs, telephone, cell phone, or the internet to conduct their transactions – whichever they find most convenient for them.”
The ABA represents banks of all sizes and charters, accounting for 95 percent of the industry’s $13.3 trillion assets and employing more than 2 million people. The majority of its members have less than $125 million in assets.
Issue: 2010/28 Date: 20 Jul 2010
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