Page 6 The Banker’s Advocate
Internet banking now top method for older group
Older Americans for the first time prefer to do their banking on-line compared with other methods, ac- cording to a new survey by the American Bankers As- sociation.
The survey of more than 2,000 adults in the United States was conducted Au- gust 12-14, 2011, by Ipsos Public Affairs, an inde- pendent market research firm.
Survey findings were described in a news release issued by the American Bankers Association on September 8. Among the findings:
The popularity of on-line banking among customers 55 years of age and older has surged since last year. Fifty-eight percent of
bank customers at least 55 years old responded in the latest survey that their pre- ferred method of banking is on-line.
In 2010, 20 percent of
these customers said they prefer on-line banking. Overall, bank customers now prefer on-line banking more than all other meth- ods combined, with 62 per- cent of adults polled re- sponding that on-line bank- ing is their preferred method.
Last year, 36 percent of
those polled named on-line banking as their preferred method.
In fact, in the 2011 sur- vey, Internet banking was the only method that in- creased in preference. The overall findings for
the other methods in the 2011 survey indicate that of adults polled: ▪ 20 percent prefer
branches, compared with 25 percent in 2010. ▪ 8 percent prefer auto- mated teller machines, compared with 15 percent in 2010. ▪ 6 percent prefer mail,
compared with 8 percent in 2010. ▪ 3 percent prefer tele- phone, compared with 6 percent in 2010. ▪ 1 percent prefer mobile (cell phone, Blackberry, PDA, I-Pad, etc.) com- pared with 3 percent in 2010.
“These survey results
Preferred Banking Method 2011 All age groups
“Other” represents mail, 6 percent; telephone, 3 percent; and mobile, 1 percent.
hammer home the point that retail banking has changed for good,” Nessa Feddis, ABA senior coun- sel and retail banking ex- pert, states in the news re- lease.
“They tell us for the first time that customers of all age groups prefer the speed and convenience of con- ducting their banking trans- actions on the Internet to visiting their local branch or ATM,” Feddis adds. “They also tell us that cus- tomers trust the accuracy and security of on-line banking.” On-line banking became the most preferred method
in the 2009 survey, with 25 percent of customers iden- tifying it as their favorite means of banking. However, this marks the first time that the 55-and- older group named Internet banking as its preferred method.
The American Bankers Association has conducted the survey annually since 1998.
This is the first year the survey was conducted on- line. All previous surveys were conducted by tele- phone.
The margin of error in the 2011 survey is plus or minus 2.2 percent.
Preferred Banking Method Age 55 and over
2007 2008 2009 2010 47%
17% 13% 8%
42% 19% 15% 9%
September 30, 2011
26% 17% 11% 10%
32% 16% 20% 13%
Courtesy of American Bankers Association Consumer Survey, conducted by Ipsos Public Affairs, August 2011
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