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Banking Channel Use By Frequency, September 2014 [TABLE]

Banking Channel Use By Frequency, September 2014 [TABLE]

There’s little doubt that the physical bank branch still matters, but when it comes to frequent usage, online banking wins, allowing consumers to perform tasks such as checking account balances and completing transactions all within the comfort of their home (or office). According to a September 2014 study by YouGov, 45% of US internet users said they used online banking once a week, compared with 12% who said they went to a bank branch with the same frequency. Despite the convenience it offers, mobile banking wasn’t used as frequently as online banking, with 22% of respondents using it weekly.

Still, bank branches beat both forms of digital banking in overall usage. Just 5% of respondents said they never went to a bank branch, compared with 19% of those who said the same for online banking. Mobile banking fared far worse, as the majority of internet users never used this option. June 2014 polling by Atomik Research for Intercede also found a relatively high lack of interest in mobile banking: 43.7% of US mobile device owners said they would never log on to an online banking app via mobile. The leading reason for such reluctance? Security concerns are most likely the culprit. Read the rest at eMarketer.