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BizReport : Internet : September 23, 2009

ABA: Online banking in U.S. preferred method

Online banking has overtaken visiting a branch in person as the preferred method of dealing with day to day finances, according to a new study by the American Bankers Assocation (ABA).

by Helen Leggatt

The ABA is calling its findings a "watershed change" in U.S. banking behavior. Their study found that a quarter of all U.S. banking customers under the age of 55 now prefer to use Internet banking services rather than telephone and mail options.

"It tells us that for the first time, more consumers prefer the speed and convenience of conducting their banking transactions on the Internet than visiting their local branch," said Nessa Feddis, ABA senior counsel and retail banking expert.

It's unsurprising to note from the study that when it came to customers at the younger end of the scale, aged 18 to 34, over a third (38%) preferred online banking.

Across all age-groups, the preference for online banking was followed by visiting branches (21%), using ATMs (17%) and mail (9%). The use of mobile banking was preferred by just 1% of consumers, primarily 18 to 34 year olds.

online banking ABA graph.png

Tags: American Bankers Association, ATM, mobile banking, online banking, survey, telephone

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