ABA Survey: Mobile Banking Apps Continue to Be Consumers’ Preferred Banking option

A new survey for the American Bankers Association (ABA) confirms that mobile banking apps remain popular with consumers. In a press release, the ABA noted that mobile banking is the top choice for 48% of customers. This latest survey marks the fourth consecutive year that consumers have cited mobile apps as their preferred channel for banking.

Mobile banking apps far outpace in-branch service

The ABA statement included a breakdown of the survey results. A closer examination of those results highlights just how much consumers have embraced online banking options. While nearly half of respondents cite mobile apps as their favorite option, another 23% utilize online banking on their laptops or other computers.

Notably, that embrace of digital banking channels is consistent across generations. For example, mobile banking apps were preferred by 52% of Generation X, 60% of Millennials, and 57% of Generation Z. Baby Boomers were somewhat of an outlier, but a plurality of them (31%) are using mobile apps too.

Notably, another 39% of Baby Boomers said they rely on online banking, which means that even 70% of that generation are using some type of online access. Meanwhile, 16% of them use their local bank branches, 5% rely on ATMs, and another 5% prefer telephone service.

Across all generations, bank branches are preferred by only 9% of customers. In addition, 8% of customers rely on ATMs, while 5% prefer calling their banks. Interestingly, 5% of all respondents reported that they had no opinion.

The survey

The survey was reportedly conducted for the ABA by Morning Consult. It used a weighted sample of 2,211 U.S. adults and was conducted online between September 20 and September 23, 2023. Results reportedly have an error margin of plus or minus 2 points.

While the results demonstrate a continued embrace of mobile banking apps, the numbers also show that Americans continue to use a variety of different banking options. As the ABA’s Senior Vice President of innovation strategy noted in the press release:

“While digital channels are used most frequently, and people clearly appreciate having their bank as close as their mobile phone, consumers continue to have a wide array of banking options to meet their needs. For those who prefer to conduct transactions in person, branch visits remain a widely available option.”

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