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ABA: The American Bankers Association
Press Release

Consumers Give High Marks to their Bank's Online and Mobile Experience for Second Consecutive Year

WASHINGTON —

Ninety-nine percent of consumers rated their bank’s online and mobile app experience as “excellent,” “very good,” or “good,”—tying last year’s record mark—according to a national survey conducted by Morning Consult on behalf of the American Bankers Association. In addition, 81% of those surveyed said innovation and technological improvements by banks are making it easier for all Americans to access financial services, an acknowledgment of the role technology is playing in promoting financial inclusion. A majority (54%) said they have been more likely to use a contactless payment solution (such as credit or debit cards, smart phone or mobile apps, virtual wallets, etc.) during the COVID-19 pandemic.

“Digital banking adoption has skyrocketed since the pandemic and consumers are clearly liking what they’re seeing,” said Rob Morgan, ABA’s senior vice president of innovation strategy. “These survey results show that consumers enjoy the convenience, speed and security of digital banking, and they are likely to continue using these channels even after the pandemic subsides. Banks have invested heavily in cutting-edge technology that has helped make financial services even more accessible across the country.”

Three in four consumers (77%) used a mobile device to manage their bank account at least once in the previous month, and half (52%) did so more than three times, according to the survey. Ninety-two percent of younger adults ages 18-34 have done so compared to less than half (49%) of adults ages 65+. In addition, the survey found that 53% of U.S. adults used a mobile app to make a payment or transfer money within the past year – up from 41% a year ago and 34% the previous year – with 72% of younger adults (18-34 year olds) reporting that they had done so. The most-used mobile payment apps included PayPal (75%), Cash App (43%), Venmo (32%), Zelle (29%), their bank’s app (26%), and Apple Pay (22%).

ABA also released an accompanying infographic highlighting the survey results. The data released today is the latest in a series of results gauging U.S. consumers’ preferences and opinions regarding banks and their services. ABA recently released survey data revealing consumers’ preferred banking methods, and that Americans are highly satisfied with their bank and trust banks most to keep their information safe. The full results for today’s survey questions are as follows:

When asked “On a scale of 1-5, where “5” is excellent and “1” is poor, how would you rate your primary bank’s online and mobile app experience?” respondents who have a bank account provided the following responses:

  • Excellent – 51%
  • Very Good – 33%
  • Good – 15%
  • Fair – 2%
  • Poor – 0%

When asked “Do you agree or disagree with the following statement? Innovation and technology improvements by banks are making it easier for all Americans to have access to financial services” consumers provided the following responses:

  • Strongly agree – 41%
  • Somewhat agree – 40%
  • Somewhat disagree – 5 %
  • Strongly disagree – 2%
  • Don’t know/no opinion – 11%

When asked “Thinking about your actions during the COVID-19 pandemic, have you been more or less likely to use a contactless payment solution (such as credit or debit cards, smart phone or mobile apps, virtual wallets, etc.) when making a purchase?” consumers provided the following responses:

  • Much more likely – 28%
  • Somewhat more likely – 26%
  • No change either way – 42%
  • Somewhat less likely – 2%
  • Much less likely – 2%

When asked “In the past month, how often have you used a mobile device, such as a smartphone or tablet, to access and manage your bank accounts, such as check balances, deposits or bill payments?” consumers provided the following responses:

  • More than 3 times – 52%
  • 1-3 times – 25%
  • Never – 18%
  • Don’t own a mobile device – 2%
  • Don’t know/no opinion – 3%

Younger adults were more likely to use a mobile device at least once to manage their accounts:

  • 18-34 – 92%
  • 35-44 – 89%
  • 45-64 – 77%
  • 65+ – 49%

When asked “In the past 12 months, have you used a mobile app on your phone or tablet, such as Apple Pay, Zelle or Venmo, to make a payment or transfer money to family or friends?” consumers provided the following answers:

  • Yes – 53%
  • No – 43%
  • Don’t Know/No opinion – 4%

Younger adults were more likely to use mobile payment apps:

  • 18-34 – 72%
  • 35-44 – 68%
  • 45-64 – 46%
  • 65+ – 23%

When asked “Which of the following mobile apps have you used to make a payment or transfer funds?” mobile payment users selected the following apps:

  • PayPal – 75%
  • Cash App – 43%
  • Venmo – 32%
  • Zelle – 29%
  • Your bank’s app – 26%
  • Apple Pay – 22%
  • Android Pay – 7%
  • Other – 2%
  • None of the above – 0%

About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from October 1-3, 2021, among a national sample of 2,201 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.3 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.2 trillion in deposits and extend nearly $11 trillion in loans.

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