banking channels in the US
US consumers still prefer to bank in branches rather than via
other available channels such as the internet, telephone and ATM,
reveals a survey undertaken by the American Bankers Association
(ABA). When consumers were asked which banking method they use most
often, the overall response was: branches (36 percent), online (23
percent), ATM (21 percent), mail (8 percent) and telephone (5
However, when drilling down into the data, the ABA found that
generational differences had a strong influence on how respondents
answered. “We are continuing to find that while our younger
consumers feel comfortable banking from their laptops, traditional
services are still preferred by many,” said Edward L Yingling,
president and CEO of the ABA.
For example, banking at a local branch was the clear favourite of
47 percent of those over the age of 55, whereas only 13 percent in
this age category selected online banking as their preferred method
of banking. This compared with 25 percent of those under the age of
34 who said they use branches most often and 30 percent in this age
category who selected the internet as their favourite banking
Customers in the 35 to 54 age category fell between the two
extremes. In this age category, 35 percent said they prefer branch
banking while 26 percent preferred online banking.
ATMs have a fairly evenly spread level of popularity as the primary
banking channel, being preferred by 23 percent of those aged 18 to
34, 22 percent of those aged 35 to 54 and a somewhat lower 17
percent of those aged over 55.
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