WASHINGTON — Ninety-three percent of Americans 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 7 in 10 Americans (70 percent) use a mobile device to manage their bank account at least once per month, and 46 percent do so more than three times per month.
In addition, the survey found that 29 percent of U.S. adults used a mobile app to make a payment or transfer money within the past year, with 44 percent of younger adults (18-34 year olds) reporting that they had done so. The most-used mobile payment apps included Paypal (67 percent), their bank’s app (33 percent), Venmo (29 percent), Zelle (23 percent), Apple Pay (20 percent) and Starbucks (12 percent). One in 6 consumers (16 percent) said they would be willing to switch banks for a better digital experience.“As fewer people carry around cash and checkbooks, more and more consumers are turning to mobile payment apps to split a tab, send money to family or even pay their rent,” said Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments. “This survey shows that Americans increasingly appreciate and like the innovative and personalized services banks offer. These data also reveal why bank investment in new technology is so important.”
An accompanying infographic highlights these survey results. The survey data released today are the latest in a series of results gauging consumers’ preferences and opinions regarding banks and their services. The prior survey results 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.
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 – 32 percent
- Very Good – 34 percent
- Good – 27 percent
- Fair – 5 percent
- Poor – 1 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 – 46 percent
- 1-3 times – 24 percent
- Never – 23 percent
- I don’t own a mobile device – 3 percent
- Don’t know/no opinion – 3 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 – 29 percent
- No – 67 percent
- Don’t Know/No opinion – 4 percent
Younger adults were more likely to use mobile payment apps:
- 18-34 – 44 percent
- 35-44 – 34 percent
- 45-64 – 20 percent
- 65+ – 14 percent
When asked “Which mobile apps have you used to make a payment or transfer funds?” mobile payment users selected the following attributes:
- Paypal – 67 percent
- Their bank’s app – 33 percent
- Venmo – 29 percent
- Zelle – 23 percent
- Apple Pay – 20 percent
- Starbucks – 12 percent
- Samsung Pay – 7 percent
- Android Pay – 6 percent
- Other – 6 percent
- Popmoney – 2 percent
When asked “Would you change banks for a better digital experience?” consumers provided the following answers:
- Yes – 16 percent
- No – 58 percent
- Don’t know/No opinion – 26 percent
When asked “Which digital experience features would you consider switching banks for?” bank customers selected the following attributes:
- Bill pay – 17 percent
- Mobile payments – 17 percent
- Budgeting – 14 percent
- Online loan application/origination – 11 percent
- Smart assistant integration (e.g., Alexa, Google Home) – 8 percent
- Other – 2 percent
- none – 61 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 – 15 percent
- Twice per month – 22 percent
- Once per month – 22 percent
- Less than once per month – 40 percent
- Don’t Know/No opinion – 1 percent
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from September 11-12, 2018, among a national sample of 2,201 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.
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans.