ABA Survey: Consumers Prefer Online Banking

ABA SURVEY:  CONSUMERS PREFER ONLINE BANKING

Survey shows shift in consumer preference away from visiting bank branches

WASHINGTON – A new survey by the American Bankers Association shows that for the first time, more bank customers (25 percent) prefer to do their banking online compared to any other method.



The annual survey of 1,000 consumers was conducted for the ABA by Ipsos-Reid, an independent market research firm, on August 14-16-2009. A list of questions asked was designed to take a snapshot of current consumer trends.



“This marks a watershed change,” said Nessa Feddis, ABA senior counsel and retail banking expert. “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 online banking,” she added.



Survey results showed that the popularity of online banking was not exclusive to the youngest consumers: it was the preferred banking method for all bank customers under the age of 55. Consumers over 55 still prefer to visit their local branch (26 percent), followed by ATMs (17 percent).



Among all consumers, the preference for online banking was followed by visiting branches (21 percent), and using ATMs (17 percent). The use of mobile banking (cell phones, PDAs, etc.) was preferred by one percent of consumers, primarily among 18 to 34 year olds. The popularity of ATMs was down in all age groups.



“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,” Feddis said.

See preferred banking method ages 18-34.

See preferred banking method ages 35-54.

See preferred banking method ages 55+.

           

The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.3 trillion in assets and employ over 2 million men and women.



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Source ABA Press Release