Newspaper article THE JOURNAL RECORD

Survey Shows Shift to Mobile Banking

Newspaper article THE JOURNAL RECORD

Survey Shows Shift to Mobile Banking

Article excerpt

Oklahoma bankers are shifting their market development plans slightly to reflect what a new survey by the American Bankers Association recently confirmed about mobile banking.

The ABA survey by Ipsos Public Affairs found that bank activity is more widely dispersed and less dependent on branch locations. And much of the shift to mobile banking is being driven by younger customers, the so-called millennials of the 18-34 age range.

"We're seeing the same trend even out in rural Oklahoma, especially among our younger customers," said Ronny Ridling, senior vice president of Southwest State Bank in Sentinel. "But there's still a need for a community bank branch where people can come and sit down, not necessarily just to handle deposits but also for personal loans and face-to-face banking."

Mobile banking generally refers to transactions conducted by customers on smartphones or tablet computers.

"Phone banking is growing to be an additional channel with ultra- convenience," said Don Walker, president of Arvest Bank in Tulsa. "Everyone has a smartphone with them most of the time, so they could potentially have 24/7 access to many forms of banking anywhere."

The survey of 1,000 U.S. adults conducted in August revealed that for the fourth consecutive year the Internet is the most popular avenue to conduct banking business, up from 36 percent last year to 39 percent of respondents this year. American Banking Association retail banking spokeswoman Nessa Feddis said the feedback confirms consumers' preference for speed and convenience.

Personally visiting a bank branch, the second most popular way to handle account activity, continued its downward trend, from 25 percent last year to just 18 percent this year.

Although still a small number at just 6 percent, mobile banking via cellphone or other personal portable technology showed a strong rate of growth, up from 3 percent last year.

"These results show customers are embracing new technologies that make managing a bank account simpler, easier and more convenient but that doesn't mean that the traditional bank branch is going anywhere," Feddis said in a prepared statement. …

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