Mobile Banking Vaults to Second Place in Consumer Preference

by Edward O'Brien 0

Mobile banking has leaped into position as the second-most-preferred form of banking, chosen by 18 percent of bank customers, up six points from last year and nearly double since 2014, according to an Ipsos Public Affairs survey conducted for the American Bankers Association. Online banking also rose as the most preferred banking method, however, with 55 percent of respondents saying they prefer to bank online — marking the eighth consecutive year that consumers have named the Internet as the most popular way to bank.

The popularity of mobile banking continues to grow, and is a logical result of consumers’ love affair with all things mobile. This is particularly true when seeking account updates and making banking transactions. At the same time, ongoing Mercator Advisory Group Banking Channels research has consistently shown a strong preference for personal interaction when banking customers are seeking clarification and advice. This is consistent with other research on omnichannel banking that customers and members want choice in their banking channels. For them, channel selection is not mutually exclusive, and different channels are often desired under different circumstances.

Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group

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