Americans embrace mobile banking but the branch makes comeback
26 August 2014 | 9998 views | 8
The Internet continues to be America's most popular banking channel but is losing ground to mobile, ATMs and even branches, according to an ABA survey.
Of 1000 US adults polled for the ABA (American Bankers Association) by Ipsos Public Affairs, 31% say that the Web is their preferred banking method, making it the most popular channel. However, this represents a sharp fall off from the 39% recorded in 2013.
In contrast, despite regular reports of its demise, the branch appears to be making a comeback, picked as the preferred banking method by 21% of respondents, up from 18% the previous year. ATMs saw a similar rise, up to 14% from 11%.
Mobile banking is snapping at the heels of its more established rivals, though, proving the channel of choice for 10% of those quizzed, up from eight per cent the previous year.
The telephone is number one for seven per cent, while six per cent pick the mail, down a percentage point on 2013.
Nessa Feddis, SVP, ABA, says: "When people are conducting a complex transaction like opening an account or applying for a home or business loan, they often prefer to do it in person. We're seeing a branch renaissance in some areas, with many banks transforming their branches to become more efficient and customer-friendly."
Feddis also says that bank investment in technology means that customers are able to manage their accounts anytime and anywhere and therefore absolute preferences are becoming increasingly meaningless because people are using a mix of options - online, mobile, branch and ATM.