While the internet continues to be America’s most popular banking channel, mobile is fast catching up on more established rivals branch and ATM for the silver medal, according to an ABA survey. Of 1000 US adults polled for the ABA (American Bankers Association) by Ipsos Public Affairs, 32% say that the web is the method they use most to manage their bank accounts, up from 31% last year.
After making a surprise comeback in last year’s survey, the branch has seen its popularity subside, picked by 17% of respondents, down four percentage points. ATMs are the most used method for 13%, down from 14% a year ago.
In contrast, mobile’s steady growth continues, preferred now by 12% of Americans, up from 10% in 2014 and three per cent just five years ago.
Banking customers’ love affair with their mobile devices – and mobile banking – continues to create opportunities for financial institutions of all sizes. And recent Mercator Advisory Group Banking Channels research shows that this trend is continuing unabated, but that’s not the whole story. Many of today’s banks and credit unions are reconfiguring their branches to be more inviting and approachable, which fosters an atmosphere of interaction and advice as part of the expanded role of branches.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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