Survey: Few Customers Rely on Mobile Banking

by Edward O'Brien 0

Mobile banking makes monitoring your financesconvenient – but a surprising number of people aren’t cashing in on theexpedient option, according to a new survey. Only 2 percent of bank customers consider mobile banking to be theirprimary banking method, according to a survey from

RateWatch, apremier banking data and analytics service owned by TheStreet, Inc.

Sixty-two percent of bank customersconsider “at the branch” to be their primary banking method, compared to 29percent who consider “online” to be their primary banking method.

Scott Gamm, a reporter for TheStreet.com, says it is surprisingthat mobile and online banking — both of which have been big pushes by banks —are not used more.

“It was pretty surprising given the convenience of mobilebanking, but as we progress further into the mobile space … we should see thosenumbers pop up a little bit,” he says.

“We were pretty surprised to see how few people weretaking advantage of mobile banking.”

Brick-and-mortar banks may appeal to a majority of customersbecause they offer services that mobile and online can’t. Services, such asopening an account, taking out a loan or getting a cashier’s check, can only bedone at branch locations.

Today’s bankingcustomers choose to bank in various ways, using various channels, depending ontheir needs and desires at a particular time. As we’ve seen in Mercator Advisory Group research, bank customers andcredit union members typically cite branch banking as their preferredcommunication method, but many use self-service channels like mobile and onlinebanking and ATMs quite frequently for day-to-day transactions.

It is whendiscussions about more complex financial products, such as savings, loans, mortgages,and investments occur when the desire to speak with a subject matter expert ina branch becomes particularly important to customers, and why branch banking isoften identified as their primary banking method.


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

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