Internet Banking Is Now The #1 Banking Method


According to an August 2009 survey of U.S. consumers by the American Bankers Association (ABA), Internet banking is now the No. 1 method of banking.

One-quarter of respondents preferred Internet banking to using branches, ATMs or any other channel.

Here are the actual numbers for the “Preferred banking method of U.S. consumers”:
– Internet banking 25%
– Branches 21%
– ATM 17%
– Mail 9%
– Telephone 4%
– Mobile 1%
– Unknown 23%

Internet banking was not only popular with the youngest consumers—it was the top response of all those under age 55. Older bank customers still preferred their local branch (26%) and ATMs (17%), but the popularity of branches and ATMs was down in all age groups (compared to 2008).

The results of this survey make it clear that for the first time, more consumers prefer the speed and convenience of conducting their banking transactions on the Internet, rather than visiting their local branch. It also indicates that consumers now have more confidence in the accuracy and security of online banking.

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