SEPTEMBER 25, 2017
Age is Only a Number
By Hilary Collins, Assistant, Publications and Research, Financial Managers Society
How do people access their bank accounts? Does it make a difference if they’re a young professional that never writes checks
or a retiree with who mistrusts websites and apps? Yes—but not as much as you might think.
40% use internet to check their bank account.
26% use mobile.
18% go to bank branches.
ATMs, telephone, and mail are the least popular choices, with single digit percentages.
New research from ABA
shows that while customers 55 and over definitely prefer branches more than customers 54 and younger, the brick-and-mortar option is no one’s first choice. In every age group, mobile or internet banking took top honors as most used method of banking.
For customers ages 18-44, mobile is their favorite way to access their accounts, with internet in second place. For 45 and up, internet takes top honors. In the small group of 45-54, mobile was second choice, but for 55 and up, the second choice was branches.
It seems that even older generations have embraced technology and prefer the convenience of checking their bank account on the computer.