Americans Favor Online Banking

    September 22, 2009

For the first time more Americans (25%) prefer to do their banking online compared to any other method, according to a new survey by the American Bankers Association.

"This marks a watershed change," said Nessa Feddis, ABA senior counsel and retail banking expert. 

"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.  It also tells us that consumers now have confidence in the accuracy and security of online banking," she added. 

The survey found the popularity of online banking was not just among the youngest consumers. Banking online was the preferred method for all bank customers under the age of 55. Consumes over 55 still favor visiting their local branch (26%), followed by ATMs (17%). 

Among all consumers, the preference for online banking was followed by visiting branches (21%), and using ATMs (17%). The use of mobile banking was favored by one percent of consumers, mainly among 18 to 34 year olds. The popularity of ATMs was down in all age groups.

"Online banking may now be the most preferred method of banking but banks are committed to providing the best customer service to all consumers," said Feddis.  

"Increasing competitive focus means bank customers will continue to have the choice between branches, ATMs, telephone, cell phone, or the Internet to conduct their transactions – whichever they find most convenient for them."