Most US bank customers prefer to do their banking online compared to any other method, according to an annual survey of 1000 consumers conducted by the American bankers Association which finds the Web channel gaining in popularity year on year.
Thrity six percent of this year's consumer sample voted in favour of Web banking, compared to 25% last year.
Nessa Feddis, ABA vice president, senior counsel and retail banking expert, says: "Online banking is the future of banking as more Generation Y-ers enter the marketplace. This means the industry will need to continue investing in technology that supports online banking because consumers see it as quick, convenient, accurate and safe."
Survey results showed that the popularity of online banking was not exclusive to the youngest consumers: it was the preferred banking method for all bank customers under the age of 55. Consumers over 55 still prefer to visit their local branch (33%). Online banking for this age group was the second favourite way to conduct banking transactions (20%).
Among all consumers, the preference for online banking was followed by visiting branches (25%), and using ATMs (15%). The use of mobile banking (cell phones, PDAs, etc.) was preferred by three percent of consumers, primarily among 18 to 34 year olds. The popularity of ATMs was down in all age groups.