Online banking is still America’s most popular banking method, but mobile banking is fast catching up, according to a recent survey by American Bankers Association (ABA).
The survey, in which 1,000 U.S. adults participated, was conducted for ABA by Ipsos Public Affairs, an independent market research firm.
The report says that mobile banking is now preferred by 12% of consumers, up from merely 3% five years ago.
Nearly one-third of the respondents (32%) said online banking is their most utilized banking method, an increase of one percentage point compared to 2014.
Though branch banking remained the second most popular way to bank, the number of people who preferred visiting a branch fell 4 points to 17 percent%.
Nearly 13% of the respondents said ATMs is their most used banking method, down from 14% a year ago.
ABA senior vice president and deputy chief counsel for consumer protection and payments Nessa Feddis expects mobile banking’s popularity to continue its gradual climb.
"Mobile banking’s popularity will continue to grow as banks enhance their mobile functionality and make it easier for consumers to access their accounts anytime and anywhere.
"Mobile banking is also an e-banking option for those who don’t have a computer but do have a smart phone. As consumers spend more time on their mobile devices, it’s likely that more people will adopt mobile banking as their top choice going forward," Feddis added.