Thursday, April 22, 2021

Mobile, online banking notch 99% approval rating

Mobile and online banking experiences were rated as ‘excellent’ ‘very good’ or ‘good’ by 99% of consumers, a record high, according to a new ABA/Morning Consult survey released Nov. 23, topping last year’s record by four percentage points.

According to the survey, 84% of consumers said innovation and technological improvements by banks are making it easier to access financial services and a majority, 55%, said they are more likely to use a contactless payment solution like a credit or debit card, smartphone or mobile app because of safety precautions due to the COVID-19 pandemic.

The survey also found that 72% of consumers used a mobile device to manage their bank account at least once in the previous month and 48% said they did so more than three times. Use of mobile apps to make a payment or transfer money increased 34% from a year ago and 41% of consumers said they have done so in the within the past year.