WASHINGTON—Another report indicates that mobile is stealing away transactions from branches.
According to an Ipsos Public Affairs survey conducted for the American Bankers Association, mobile banking is now the No. 2 most-preferred form of banking, moving ahead of bricks and mortar transactions.
The report, shared in the ABA Banking Journal, stated that 18% of survey respondents chose mobile, up six points from last year and nearly double since 2014.
Branch banking fell three points to 14%.
But what remains the most preferred banking channel—online—rose as well, climbing to 55% of respondents, the ABA Banking Journal reported, It is the eighth consecutive year that consumers have chosen online as the most popular way to bank.
“More people are walking around today with their mobile device in hand, and banks have made it easier than ever for them to access their accounts anytime and anywhere,” ABA SVP Nessa Feddis stated in the Banking Journal report. “It’s no surprise that Millennials and other digital natives are embracing the convenience of technology to conduct quick transactions. Mobile banking is also a helpful real-time option for those who have a smartphone but not a computer.”
Rounding out the study, 6% of respondents preferred ATMs, 4% chose phone banking, and 3% preferred to bank by mail.