Depending on the survey, mobile banking has overtaken online banking. At the least, mobile banking is nipping at the heels of online banking. These surveys show that there is definitely a turn in customer behavior on the horizon.
A recent survey from Phoenix Synergistics found that 35% of customers bank from their mobile phone, while 24% use online banking (i.e., desktop or laptop). Mobile banking has increased from only 22% in 2021. The survey also found that just 13% of customers prefer to use a branch.
Age matters when it comes to a customer’s preferred banking channel. Mobile banking is most popular with younger customers and steadily declines with age. It is just the opposite for online banking:
Mobile banking total: 35%
Online banking via computer: 24%
BAI’s (Bank Administration Institute) 2022 outlook found that 37% of Gen Z prefers to open a deposit account via mobile. Only 12% of this group prefer to use a branch for the same task. On the flip side, 12% of baby boomers preferred to open deposit accounts via mobile, while 58% opted for a branch.
“The next step is to create almost a branch-at-home experience, where consumers can see their representative and talk to him or her,” said Bill McCracken, president of Phoenix Synergistics. “Why do people need to take that ten-minute drive to the branch to resolve a problem or to ask about a product?”
This shift to mobile doesn’t mean the branch or in-person experience is going anywhere. There is still a healthy demand for a human assistant when it comes to money management, such as budgets, investments, and savings. Complex financial decisions such as mortgages and starting a business often require in-person assistance as well.
But even many of those tasks can be accomplished with a video assistant, accessed through a customer’s mobile device.