New Survey: Only 2% Of Consumers Use Mobile As Primary Method Of Banking
NEW YORK, Dec. 30, 2014 /PRNewswire/ -- Consumers say they want mobile banking and it is among the top three things they look for when seeking a financial institution relationship – but are they really using it? A new survey from RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST), shows that the majority of consumers still rely on local branches as their primary banking method. RateWatch's 4th Annual Mobile Banking Survey took a look at how financial institutions are offering mobile banking services, how customers are utilizing them and what results have been seen.
Respondents, which included financial institutions across the country reported that:
- 62% of bank customers/members consider "at the branch" to be their primary banking method, compared to 29% who consider "online" to be their primary banking method and only 2% who consider "via mobile device" to be their primary banking method.
- More than three quarters (77%) have less than a quarter of their customers/members using mobile banking.
- Compared to banks (57%), credit unions (68%) are more likely to have clients use mobile banking multiple times per week.
Despite the fact that consumers have not yet adopted mobile as their primary method of banking, financial institutions are offering a wide range of services:
- 82% currently offer mobile banking services, compared with 68% in 2013, 49% in 2012 and only 41% in 2011.
- Credit unions have traditionally been more likely to offer mobile banking than banks but the gap has narrowed. Banks offering mobile banking has increased by 18% since 2013 while credit unions offering mobile banking increased by 8% since last year.
- 63% of all institutions with mobile banking services offer the ability to check account balances, transfer funds, receive account alerts and make loan payments. Over half of these institutions (54%) also offer a bill payment option.
"Despite the convenience of mobile banking, most consumers still use antiquated brick-and-mortar branches," said Scott Gamm, Reporter for TheStreet.com. "It all ties back to what the consumer needs to get done. When it comes to more complicated transactions or larger deposits with multiple checks, people prefer to go to the bank despite the flexibility of mobile banking."
For a sneak peak of the full survey, please visit: http://www.rate-watch.com/pdf/survey-results/4th-annual-mobile-banking-preview-2014.pdf.
For the full story from TheStreet.com, please visit: http://www.thestreet.com/story/12996284/1/bank-branches-still-lure-consumers-despite-alternatives.html.
Survey Methodology
This survey aims to understand how financial institutions are offering mobile banking services, how their customers are utilizing them and what results have been seen. The survey questions were distributed via email to approximately 10,900 financial institutions across the United States between October 9, 2014 and October 25, 2014. 556 unique responses were received.
About RateWatch
For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States. Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 97,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available. To learn more about RateWatch, visit www.rate-watch.com. RateWatch is a division of TheStreet, Inc.
About TheStreet
TheStreet, Inc. is the leading independent digital financial media company providing business and financial news, investing ideas and analysis to personal and institutional investors worldwide. The Company's portfolio of business and personal finance brands includes: TheStreet, RealMoney, RealMoney Pro, Stockpickr, Action Alerts PLUS, Options Profits, MainStreet and RateWatch. To learn more, visit www.thestreet.com. The Deal, the Company's institutional business, provides intraday coverage of mergers and acquisitions and all other changes in corporate control. To learn more, visit www.thedeal.com.
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Contact: Emily Scheer, TheStreet, Inc., emily.scheer at thestreet.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/new-survey-only-2-of-consumers-use-mobile-as-primary-method-of-banking-300014482.html
SOURCE TheStreet, Inc.
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