Web Insight 135xxx: did you choose your bank because of its online and mobile services?
Most Americans have a bank account. There are a variety of reasons why they choose the banking institutions that they use; one reason is that they like the bank’s online and mobile channels of contact.
In our digital banking study, we asked people if they chose their bank because of its online and mobile channels. Overall, 37 percent of respondents with a bank account said that one of the reasons they chose their banking institution was because of its online and mobile channels of contact.
One of the main distinctions among those who did and did not list this as a reason for choosing their bank was age. Forty-six percent of those aged 35-44 listed the bank’s online and mobile channels of contact as a reason for choosing the bank.
The percentages of those citing this reason in the 18 to 24 and 24 to 34 age cohorts were 44 and 41 percent respectively.
On the other hand, 32 percent of those in the 45 to 54 and 55 to 64 age groups cited this reason. For those aged 65 and over, the figure was only 30 percent.
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March 9, 2020