News & Views - Savantor

Banking preferences in the US

Saturday, 09 August 2014
Another survey of consumer banking preferences, this time in the US carried out on behalf of the American Banking Association, has been published. According to the results, 31% of 1,000 adults surveyed stated that the web is still their preferred channel although this is down from 39% last year. The web appears to be gradually losing out to a cluster of other channels including ATM, mobile and branch banking services. Branch banking gained strong results in the survey with a 3% increase from the previous year to 21% and mobile banking showed well at 10%, hinting at a slow but steady acceptance of the smartphone as a method of day-to-day banking activities. Of course, a survey of 1,000 people is hardly definitive, but appears to be a tendency towards face-to-face service at branches again in place of less-personal, technology-driven alternatives increasingly being offered by banks. Looking to the future, it seems likely that web-based banking will retain some level of dominance due to the platform's ability to quickly support new features centrally. Over time, this may change but for now it looks like the web holds the key for the majority of bank customers.
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