More consumers are turning to online banking as the option remains especially popular among younger adults, according to a national survey from Morning Consult on behalf of the American Bankers Association.
Sixty percent of adults used a mobile app to make a payment or transfer money over the past year, up from 34 percent four years ago. The survey, taken of more than 2,200 people from Sept. 20-22, was released Nov. 3.
Eighty-one percent of consumers used a mobile device to manage their bank account at least once in the previous month, while nearly 60 percent did so more than three times. Mobile banking was especially popular among adults ages 18-44. Ninety percent used the option in the previous month, compared to 62 percent of those over the age of 65.
Nearly every consumer has a positive view of online banking and mobile applications. Ninety-four percent said their access to banking services was strong while nearly 80 percent reported that technological advances were making it easier for them to access financial services.
The growth in digital banking has allowed for more previously unbanked consumers to access banking services, said Brooke Ybarra, ABA Senior Vice President of Innovation Strategy.
“Digital banking tools have made it more convenient and more secure than ever for consumers to manage their finances,” she added. “This survey shows that consumers highly value bank innovations in mobile technology, whether it’s depositing a check remotely, making instant peer-to-peer payments, receiving balance alerts, or tracking spending and savings patterns.”
Consumers offered positive feedback for their banks’ fraud-prevention work. Nearly 90 percent said their bank takes proactive steps to protect them from fraud, and 76 percent reported that their bank does more to protect them from fraud than other businesses.