Data reinforce Americans like and appreciate innovative services offered by banks
Ninety-five percent of consumers rated their bank’s online and mobile app experience as “excellent,” “very good,” or “good,” according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey also found that nearly 8 in 10 people surveyed (77 percent) said technological improvements by banks are making it easier for them to access their financial services.
Seven in 10 consumers (70 percent) used a mobile device to manage their bank account at least once in the previous month, and 43 percent did so more than three times, according to the survey. In addition, the survey found that one-third of U.S. adults (34 percent) used a mobile app to make a payment or transfer money within the past year – up from 29 percent a year ago – with 51 percent of younger adults (18-29 year olds) reporting that they had done so. The most-used mobile payment apps included PayPal (61 percent), Venmo (34 percent), their bank’s app (27 percent), Zelle (27 percent), Apple Pay (17 percent) and Starbucks (11 percent).
“Digital banking services have made it much more convenient for customers to manage their money, deposit checks or make payments,” said Nessa Feddis, ABA’s senior vice president and counsel for regulatory compliance and policy. “In addition to making life easier for existing customers, banks’ investment in new technology has significantly expanded their ability to reach Americans who may have had a more difficult time accessing traditional financial services.”
An infographic of the results is available here. The data released today are the latest in a series of survey results gauging consumers’ preferences and opinions regarding banks and their services. The prior survey findings highlight consumers’ preferred banking methods and reveal that Americans are highly satisfied with their bank and trust banks more than any other entity to keep their personal information safe and secure. The full results for today’s survey questions are as follows:
When asked “On a scale of 1-5, where “5” is excellent and “1” is poor, how would you rate your primary bank’s online and mobile app experience?” respondents who have a bank account provided the following responses:
- Excellent – 37 percent
- Very Good – 38 percent
- Good – 20 percent
- Fair – 4 percent
- Poor – 1 percent
When asked “Are technological improvements by banks making it easier or harder to access your financial services?” those with a bank account provided the following responses:
- Much easier – 44 percent
- Somewhat easier – 33 percent
- Neither easier nor harder – 15 percent
- Somewhat harder – 2 percent
- Much harder – 1 percent
- Don’t know/no opinion – 5 percent
When asked “In the past month, how often have you used a mobile device, such as a smartphone or iPad, to access and manage your bank accounts, such as check balances, deposits or bill payments?” those with a bank account provided the following responses:
- More than 3 times – 43 percent
- 1-3 times – 27 percent
- Never – 24 percent
- I don’t own a mobile device – 4 percent
- Don’t know/no opinion – 2 percent
When asked “In the past 12 months, have you used a mobile app on your phone or tablet, such as Apple Pay, Zelle or Venmo, to make a payment or transfer money to family or friends?” consumers provided the following answers:
- Yes – 34 percent
- No – 63 percent
- Don’t Know/No opinion – 3 percent
Younger adults were more likely to use mobile payment apps:
- 18-29 – 51 percent
- 30-44 – 46 percent
- 45-54 – 36 percent
- 55-64 – 21 percent
- 65+ – 11 percent
When asked “Which mobile apps have you used to make a payment or transfer funds?” mobile payment users selected the following apps:
- PayPal – 61 percent
- Venmo – 34 percent
- Their bank’s app – 27 percent
- Zelle – 27 percent
- Apple Pay – 17 percent
- Starbucks – 11 percent
- Android Pay – 6 percent
- Samsung Pay – 6 percent
- Other – 6 percent
- None of the above – 2 percent
When asked “Which digital experience features would you consider switching banks for?” bank customers selected the following attributes:
- Bill pay – 14 percent
- Mobile payments – 14 percent
- Budgeting – 9 percent
- Online loan application/origination – 7 percent
- Smart assistant integration (e.g., Alexa, Google Home) – 4 percent
- Other – 1 percent
- none – 65 percent
Forty-six percent of mobile banking users replied “yes” when asked, “In the past twelve months, have you deposited a check into your bank account by taking a picture of the check with your mobile device?” Those who responded “yes” provided the following responses when asked to indicate how often:
- Three or more times per month – 14 percent
- Twice per month – 19 percent
- Once per month – 17 percent
- Less than once per month – 46 percent
- Don’t Know/No opinion – 3 percent
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from October 10-12, 2019, among a national sample of 2,200 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.