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Is the US bank branch making a comeback?

A survey from the American Bankers Association (ABA) shows that the internet continues to be the most popular banking channel, although mobile, ATMs and even branches are gaining popularity.

bank branch

The US bank branch may be making a comeback

A survey of 1,000 US consumers polled for the ABA by Ipsos Public Affairs found that 31% of respondents favoured the internet as their preferred banking method. However, this stands in stark contrast to the 39% recorded in 2013.

The most surprising finding was the 21% of respondents who selected the branch as their most preferred banking method, up from 18% in 2013. ATMs are also receiving a boost in usage, with 14% choosing ATMs as their most preferred method, up from 11% last year. Meanwhile, mobile banking was selected by 10% of respondents as their favourite channel, up from 8% in 2013.

Nessa Feddis, senior vice-president of the ABA, said: “When people are conducting a complex transaction like opening an account or applying for a home or business loan, they often prefer to do it in person. We’re seeing a branch renaissance in some areas, with many banks transforming their branches to become more efficient and customer-friendly.”

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