According to an August 2009 survey of US consumers by the American Bankers Association (ABA), reported by eMarketer, for the first time in history, more bank customers prefer to do their banking online compared to any other method.
And it’s not just a Gen-Y trend either. Online banking was the preferred banking method for all customers under the age of 55. Customers 55+ still preferred their local branch, followed by ATMs. The popularity of ATMs was down in all age groups.
“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.
Below is the data by age group from the American Bankers Association survey:
The use of mobile banking (cell phones, PDAs, etc.) is still in its infancy and primarily used by the 18 – 34 age group. But remember when we thought no one would trust the big, scary Internet for their banking needs…
And while online banking is the preferred method and mobile banking is still developing, customers want to be able to choose the method that is the most convenient for them. Hence, credit unions need to stay committed to enhancing the customer service experience and giving their customer choices.
And it’s not just a Gen-Y trend either. Online banking was the preferred banking method for all customers under the age of 55. Customers 55+ still preferred their local branch, followed by ATMs. The popularity of ATMs was down in all age groups.
“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.
Below is the data by age group from the American Bankers Association survey:
The use of mobile banking (cell phones, PDAs, etc.) is still in its infancy and primarily used by the 18 – 34 age group. But remember when we thought no one would trust the big, scary Internet for their banking needs…
And while online banking is the preferred method and mobile banking is still developing, customers want to be able to choose the method that is the most convenient for them. Hence, credit unions need to stay committed to enhancing the customer service experience and giving their customer choices.
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