The popularity of online banking is surging,
according to the annual American Bankers Association (ABA) survey
of consumer banking preferences.

Over 60% respondents named online channels as
their preferred mode of banking, up from 36% a year ago. This year
is also the first time that the survey was conducted online.

While only 20% of respondents aged 55 and over
said online banking was their preferred banking method in 2010,
those numbers have increased to 60% this year. The popularity of
ATMs fell with only 8% of respondents naming the self service
channel as their preferred mode of banking, down from 15% last

ABA senior counsel Nessa Feddis said, “These
survey results tell us for the first time that customers of all age
groups prefer the speed and convenience of conducting banking
transactions on the internet to visiting their local branch or ATM.
They also tell us that customers trust the accuracy and security of
online banking.”

The popularity of visiting branches fell with
only 25% of respondents this year. 6% percent of respondents said
the mail is their preferred way of banking versus 8% in 2010.
Telephone banking went down by half, from 6% in last year’s survey
to 3% in 2011.

From 2007 until 2009, internet banking scored
in the low to mid-20s in popularity.

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