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Millennials behind immense popularity of mobile banking
October 13, 2012 - 4:31pm
A new survey by the American Bankers Association (ABA) revealed that mobile banking has been increasing in popularity in recent times, driven largely by customers in the 18 to 34-year-old age group, Mobile Payments today reports. When it came to managing budgets, transferring funds and general transaction processing needs, mobile banking had emerged as a popular choice.
According to the survey, mobile banking is now the preferred option for six percent of all surveyed customers, representing a 100 percent increase from 2010. More shockingly, mobile banking was the go-to choice for 15 percent of customers in the 18- to 34-year-old range, revealing that younger consumers were keen to discover new technology and use it for managing their finances.
"These results show customers are embracing new technologies that make managing a bank account simpler, easier and more convenient but that doesn't mean that the traditional bank branch is going anywhere," Nessa Feddis, senior counsel at the ABA, told the news source.
Traditional banking powerhouses such as Bank of America and Citigroup have embraced mobile banking for quite some time now. However, according to the Dayton Business Journal, smaller banks are beginning to come around as well. KeyCorp, for example, recently launched a new mobile banking service this year.