American Bankers Association Survey: Online Banking on the Rise

The American Bankers Association released its annual survey last week, revealing that online banking is on the rise, while mobile banking has slowed in the last year. The most surprising statistic from this year’s survey is rise of online banking amongst baby boomers. For the first time, 57 percent of banking customers 55 and older said they prefer to bank online versus at a bank branch or via an ATM. This is up from 20 percent 2010, a significant gain amongst the baby boomer population.

Other interesting survey statistics include:

  • Among all adults, 62 percent said that they like online banking best, up from 36 percent last year
  • Only 1 percent of adults said that they liked mobile banking best, down from 3 percent last year
  • With younger consumers, ages 16 to 34, only 4 percent said that they preferred mobile banking to other methods
  • Telephone and banking by mail are losing popularity. Only 3 percent said that they prefer telephone banking, and only 6 percent said that they prefer mail banking

Are these statistics in-line with your customer/member base? Do you think the popularity of mobile banking is on the decline? Let us know in the comments section below, or Tweet @Bankingdotcom.

Written by Staff