A recent survey by the American Bankers Association (ABA) shows that a majority of banking customers prefer to bank online rather than walk into a brick and mortar bank branch office.
This is the second year in a row that banking customers said they preferred online banking over other options. The study showed a significant increase over the use of ATM machines as well. Banking online has quickly become the preferred method of customers, and banks are taking note by paying a large amount of attention to their online portals and user interfaces.
Rapid Growth of Online Banking
The survey by the American Bankers Association showed an almost 50% increase in customers who preferred online banking over the previous year. In 2009, only 25% of banking customers preferred to use online banking, but in 2010, 36% of the ABAs survey respondents claimed that online banking was their favorite method of conducting banking transactions.
15% of the surveys respondents still preferred to conduct their banking business through the ATM, 8% through the mail, 6% over the telephone, and 3% on mobile banking applications.
Banks Are Embracing New Technologies
More banks than ever are embracing new technologies to enable their customers to have convenient access to their accounts virtually anywhere and even on the go. Many banks are offering smart phone and iPad applications, created to take advantage of the technological advances offered by these devices. Banking customers are connected to their banking accounts more than ever before.
Quickly, the days of calling your bank on the phone for simple transactions or to check your balance are becoming a thing of the past. Eventually, we will also see a dwindling need for such huge networks of ATM machines around the country. In fact,
ATM usage was down among every age group that was included in the ABA study. Banking customers, especially the younger demographics, have started to favor new technology and embrace online banking as the preferred method of interacting with their bank.