Study: Mobile banking continues upward climb
Nearly half of all mobile device owners in America use their device to manage their bank account. Two in five (39 percent) use a mobile device to manage their bank account at least once per month, according to a recent survey by the American Bankers Association (ABA).
“It’s no surprise that mobile banking has become more popular given banks’ increased investment in this technology,” said Nessa Feddis, ABA senior vice president and deputy chief counsel for consumer protection and payments. “Smartphones and tablets have become such an essential part of daily life for many Americans.”
This is the second year the question was asked as part of the annual survey by ABA. When asked “In the past month, how often have you used a mobile device to access and manage your bank accounts?” consumers provided the following responses (previous year’s responses in parentheses):
- one to three times — 16 percent (15 percent)
- more than three times — 23 percent (23 percent)
- Never (own a mobile device but never use it for this purpose) — 42 percent (45 percent)
- Don’t own a mobile device — 14 percent (15 percent)
- Unsure — 5 percent (3 percent)
Feddis said that these results closely parallel the findings in a March 2015 report by the Federal Reserve, which found that 52 percent of smartphone owners with a bank account have used mobile banking in the previous 12 months.
“Mobile banking has grown in popularity as availability and consumer awareness have increased,” said Feddis. “We anticipate that more customers are likely to gravitate toward mobile banking as institutions bolster their offerings in areas like mobile payments and geo-location services that can help customers find the nearest ATM and discounts from local merchants nearby.”
The ABA survey was conducted by Ipsos July 8–13, and included 1,000 adults aged 18 and older who were interviewed by phone. Weighting was used to balance demographics.