Mobile Apps Remain Banking Option of Choice

WASHINGTON – Consumers continue to choose mobile apps as their primary method to bank, according to the American Bankers Association.

The nationwide survey of 2,211 adults conducted by Morning Consult in September on behalf of the ABA, showed 48% of bank customers most often manage their accounts using apps on their mobile devices, while 23% use their laptop or PC. Visiting a branch was preferred by 9% of customers, followed by ATMs at 8% and telephone calls at 5%.

More than half of Generation X (52%) and Generation Z (57%) use a mobile banking app, outpaced by 60% of millennials. Baby boomers were more likely to go online to bank at 39%, followed by 31% using an app and 16% going to their branch.

“Mobile banking use accelerated during the pandemic and has only grown in the years since as people continue to enjoy the convenience of banking on the go,” said Brooke Ybarra, ABA’s senior vice president of innovation strategy. “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.”

This is the fourth consecutive year mobile apps led the way in the survey.

Published by The Business Journal, Youngstown, Ohio.