The Bankwatch

Tracking the consumer evolution of financial services

Survey shows shift in consumer preference away from visiting bank branches

This is a significant survey with online banking leading over branches for the first time in consumer preference. (ht netbanker)

olb preference

ABA SURVEY: CONSUMERS PREFER ONLINE BANKING
Survey shows shift in consumer preference away from visiting bank branches

WASHINGTON – A new survey by the American Bankers Association shows that for the first time, more bank customers (25 percent) prefer to do their banking online compared to any other method.

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“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.

Written by Colin Henderson

September 22, 2009 at 09:20

Posted in Online Banking

Tagged with ,

6 Responses

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  1. It’s important to note that the question asked is “Which banking method do you use most often?” I’m surprised it took until 2009 for online banking to win out.

    Jim Bruene

    September 22, 2009 at 11:00

  2. These findings validate the decline in transactional flows we are seeing through bank branches. However, let’s all not make the mistake we did in the late 90’s early 2000’s. Branches are not just going to go away – phyiscal presence will play an important, albeit, evolving and different role, in the future of banking.

    darryl demos

    September 24, 2009 at 09:11

  3. It’s amazing to see that the digital age has completly transformed the way in which we carry out day to day tasks. 10 years ago the internet was still in its relatively early stages, now its sheer ubiquity encompasses every aspect of our daily lives! I would never have imagined that the majority of people would use the internet for banking purposes, clearly I was wrong.

    Finance Ed

    September 29, 2009 at 04:38

  4. I’m surprised by mobile’s inactivity. I’ve seen pushes from many different bank’s pushing their mobile capabilities. Time will tell.

    dave gilbertson

    September 30, 2009 at 11:05

  5. @jim … it is only relatively recently that online banking usage crept over the 50% mark, and that combined with personal impressions versus facts of what people do probably contributed to taking until 2009.

    Colin Henderson

    September 30, 2009 at 12:00

  6. […] Grafik ( via Bankwatch ) zeigt die Trendwende in den […]


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