U.S. Consumers Prefer to Manage Bank Accounts Online

By September 16, 2011
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For the first time, people of all age groups in the United States prefer online banking to traditional banking channels. This trend shows that Americans now have greater confidence in online account management tools.

In the United States, online bankingis catching on more and more among adults, reveals the American Bankers Association (ABA). This conclusion comes from an ABAsurvey which polled around 2,000 American adults. According to the study, more than 62% of all consumers over 18 now prefer online banking to any other means of managing their accounts. The percentage of those citing online banking as their first choice comes out well ahead of those who prefer to go into the branch - just 20% of all bank clients.   

A constantly rising trend

Coming out behind these two preferences are, in order: using ATMs (8%), email (6%), telephone (3%), and lastly mobile banking (1%). The online trend is in fact showing very strong growth indeed, as last year only 36%, and just 25% two years ago, stated that they preferred to use online banking. According to Nessa Feddis, retail banking expert and ABA Senior Counsel, "this study shows in a big way that retail banking is moving in the right direction."

Greater confidence in online services  

One last noteworthy point is the increasing attraction of online services for the over-55 age group, where 57% have now largely gone over to this new approach. According to Nessa Feddis, this state of affairs "marks a watershed change," in that for the first time “more consumers of all ages prefer the speed and convenience of conducting their banking transactions on the Internet" to the services provided at branches. She concludes: "It also tells us that consumers now have increasing confidence in the accuracy and security of online banking", insisting however that US banks still remain committed to continuing to provide other ways of accessing their services.

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