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, according to a national survey conducted by Morning Consult on behalf of the American Bankers Association. Additionally, 81% of those polled said that banking innovation and technological improvements make it easier for all Americans to access financial services, a recognition of the role technology plays in promoting financial inclusion. A majority (54%) said they were more likely to use a contactless payment solution (such as credit or debit cards, smartphone or mobile phone apps, virtual wallets, etc.) during the pandemic. of COVID-19.

“Digital banking adoption has exploded since the pandemic and consumers clearly love what they see,” said Rob Morgan, senior vice president of innovation strategy at ABA. “These survey results show that consumers value the convenience, speed and security of digital banking services, and will likely continue to use these channels even after the pandemic is over. 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%) have used a mobile device to manage their bank account at least once in the past month, and half (52%) have done so more than three times, according to the survey. Ninety-two percent of young adults aged 18 to 34 have done so, compared with less than half (49%) of adults aged 65 and over. Additionally, the survey found that 53% of U.S. adults have used a mobile app to make a payment or transfer money in the past year – up from 41% a year ago and 34% the previous year – with 72% of young adults (18-34 years old) saying they have done so. The most used mobile payment apps were PayPal (75%), Cash App (43%), Venmo (32%), Zelle (29%), their bank’s app (26%) and Apple Pay (22% ).

The ABA also released an accompanying infographic highlighting the survey results. The data released today is the latest in a series of results measuring the preferences and opinions of U.S. consumers about banks and their services. ABA recently released survey data revealing consumers’ preferred banking methods and indicating that Americans are very happy with their bank and trust banks more to protect their information. The full results of today’s survey questions are as follows:

To the question “On a scale of 1 to 5, where ‘5’ is excellent and ‘1’ is poor, how would you rate your primary bank’s online experience and mobile apps? »Respondents who have a bank account provided the following responses:

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

To the question “Do you agree or disagree with the following statement?” Innovation and technological improvements made by banks make it easier for all Americans to access financial services, ”consumers provided the following responses:

• Strongly agree – 41%
• Tend to 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, apps for smart or mobile phones, virtual wallets, etc.) purchase? ”consumers provided the following responses:

• Much more likely – 28%
• Slightly more likely – 26%
• No change anyway – 42%
• Slightly less likely – 2%
• Much less likely – 2%

To the question “In the past month, how often did you use a mobile device, such as a smartphone or tablet, to access and manage your bank accounts, such as check balances, deposits or payments?” invoice? »Consumers provided the following responses:

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

Young 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%

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

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

Young adults were more likely to use mobile payment apps:

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

To the question “Which of the following mobile applications did you use to make a payment or transfer funds?” »Mobile payment users have selected the following applications:

• PayPal – 75%
• Cash Application – 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 survey was conducted by Morning Consult on behalf of the American Bankers Association from October 1-3, 2021, with a national sample of 2,201 adults. Interviews were conducted online and data was weighted to approximate a target sample of adults based on age, race / ethnicity, gender, education level and region. The results of the full survey have a margin of error of plus or minus 2 percentage points.