Marketing of Banks’ Online Services Predicted to Grow
It’s official. The growth in the number of consumers who prefer to use Internet banking services has been steady. And now, the percentage of consumers who prefer this method exceeds the percentage of those who would rather walk into a traditional branch to conduct their business.
The most recent American Bankers Association survey, conducted by Ipsos-Reid, shows how consumers prefer to manage their banking needs:
- Internet banking 25%
- Branches 21%
- ATM 17%
- Mail 9%
- Telephone 4%
- Mobile 1%
- Unknown 23%
As bank marketers consider these results, they may also want to adjust their methods by age group. At least 38% of consumers between the ages of 18–34 and about 25% between the ages of 35–54 prefer online banking. Consumers over age 55 have the lowest use rate of online banking, coming in at 11% and marks a 5% drop from 2008.
Curiously, the 2% of consumers between the ages of 35–44 who preferred mobile banking in 2008 no longer selected that option in 2009. And the 1% of consumers over age 55 who liked mobile banking in 2008 also no longer selected it as their preferred option. The study did not report on the cause of the change so it’s difficult to tell if those consumers enjoyed the novelty of mobile banking but then shifted back to their old way of banking. However, mobile banking may eventually be more popular with younger consumers, as 1% of the youngest group selected this option as their preferred method in 2009.
In any case, banks may soon be offering more online services and increasing their digital marketing efforts to cash in on the growing consumer interest in online banking.[Source: ABA Survey: Consumers Prefer Online Banking, 9.21.09]