| Bostonians prefer a more traditional banking experience over mobile banking, according to a recent survey from TD Bank.
Forty-four percent of respondents reported mobile banking app services “unnecessary,” compared with only 31 percent of all Americans surveyed. Results also show that Boston residents place more value on in-branch services, with 37 percent of respondents saying they prefer to go to a branch to have a question or concern about their checking account answered, compared with 31 percent of all Americans surveyed.
Consistent with last year’s survey results, findings concluded that 85 percent of Bostonians are either “very satisfied” or “extremely satisfied” with their primary checking account, but their lack of preference for mobile banking services can be viewed as surprising given the city’s age and education demographics, with approximately a quarter of Boston residents between the ages 18 and 34, according to the U.S. Census.
Traditional Banking Services Prevail Over Digital Offerings In Boston
The survey showed Bostonians use their bank’s mobile app less than the general population, with 67 percent reporting that they don’t use their bank’s mobile app at all, compared with 52 percent of all Americans surveyed. Forty percent of Boston survey respondents say that mobile check deposit is unnecessary, versus only 29 percent of the national survey respondents. Fifty-one percent of Boston residents still prefer to pay bills using a check, compared with 40 percent of all Americans.
Minimum Balance Requirements And Fees In Boston
Thirty-nine percent of Bostonians report that their checking account does not have fees associated with it, compared with 31 percent of all Americans. Bostonians’ checking accounts have higher minimum balance requirements, with only 5 percent of Bostonians having an account that allows a minimum balance of $100 or less, compared with 29 percent of national respondents who have a $100 minimum balance requirement. The report also shows that Bostonians have a higher average balance ($1,300) in their checking account compared with national respondents ($1,065).
Bostonians Prioritize Convenience
Having convenient ATM locations is one of Bostonians’ top needs, with 26 percent of Bostonians reporting that compared with 21 percent of all Americans. When compared with all Americans, more Boston residents also rank having convenient branch locations as one of their top two most valuable banking needs (27 percent of Bostonians versus 21 percent of Americans). Eighty percent of Boston residents also reported their bank provides convenient branch locations, compared with 72 percent of all Americans.
