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Mobile banking becoming increasingly popular

October 30, 2012

New technology is paving the way for an increase in the use of mobile banking services.

New technology is paving the way for an increase in the use of mobile banking services.

A recent report released by Forrester Research found that nearly half (46 percent) of all bank account holders will rely on their mobile devices for banking and online credit card payment processing by 2017, according to Akamai.com.

However, a new survey by the American Bankers Association found that many are already embracing mobile banking, especially those between the ages of 18 and 34.

The survey of 1,000 Americans revealed that while the internet remains the most popular banking method, mobile banking is now preferred by 6 percent of customers, a 100 percent increase from 2010. Additionally, 15 percent of 18-34 year olds say that mobile banking is their preferred method of conducting financial transactions.

“These results show customers are embracing new technologies that make managing a bank account simpler, easier and more convenient,” said ABA’s Nessa Feddis.

Nearly 40 percent of those surveyed said that the internet is their preferred way to conduct banking business. Less than 20 percent said they take care of transactions in person at bank branches. Other methods include ATMs (12 percent), telephone (9 percent) and mail (8 percent).
 

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