A new survey by the American Bankers Association (ABA) shows that majority or at least 36 percent of US bank customers prefer to do their banking online compared to any other method. The survey also found that the Web channel gaining in popularity year on year. Last year, only 25 percent of customers favored online banking.
“Clearly, online banking has fully penetrated the market,” said Nessa Feddis, ABA vice president, senior counsel and retail banking expert. “Online banking is the future of banking as more Generation Y-ers enter the marketplace. This means the industry will need to continue investing in technology that supports online banking because consumers see it as quick, convenient, accurate and safe,” she added.
Survey results also suggested that the popularity of online banking was not exclusive to the youngest bank costumers. Customers under the age of 55 preferred online banking method and costumers over 55 still prefer to visit their local branch (33 percent).
Among all consumers, the preference for online banking was followed by rational branches visit (25 percent), and using ATMs (15 percent). The use of mobile banking was preferred by three percent of consumers, primarily among 18 to 34 year olds. All age groups are likely to ditch ATMs.