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Mobile banking becoming a consumer favorite

Summary

As banking by cellphone takes off, branches are falling out of favor as American consumers’ favorite way to do their financial business

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More people are picking up their phones or tablets to do their banking — and steering clear of branches, according to a survey by the American Bankers Association.

Asked which method they used most often to manage their accounts, 12 percent of respondents said mobile — such as cellphone, Blackberry or iPad — up from 10 percent the year before. Mobile was nearly as popular as ATMs, at 13 percent.

Those naming branches as their primary way of banking fell to 17 percent, from 21 percent. Internet banking via laptop or PC remained the most popular method, at 32 percent, up 1 percentage point. The survey of 1,000 adults was conducted July 8-13, 2015, and released Aug. 20.

“As consumers spend more time on their mobile devices, it’s likely that more people will adopt mobile banking as their top choice going forward,” ABA senior vice president Nessa Feddis said in a news release.

The rise of mobile has been rapid — five years ago, only 3 percent of consumers said mobile was their first choice for banking.

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