Survey: Younger consumers choose electronic banking

In a survey of 1,000 consumers:

• 36 percent said they banked at branches;

• 23 percent said they banked online,

• 21 percent said they banked with automated teller machines;

• 8 percent said they banked by mail; and

• 5 percent said they banked by telephone.

Generational differences had a strong influence on how respondents answered survey questions.

For example, banking at a local branch was the clear favorite of nearly half of respondents older than 55, but only 25 percent of those younger than 34 said they use branches most often. In fact, 30 percent of younger customers ranked branches behind online banking. Older customers said the opposite, with 47 percent choosing branches as their preferred method of banking, and ranking ATMs and online banking at 17 percent and 13 percent, respectively.

“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, ABA president and CEO, in a news release. “This is why banks are trying to offer a variety of banking options in order to meet all of their customers’ needs.”