Facts & Resources

Bank of America Trends in Consumer Mobility Report

Report Explores Timely Mobile Trends and Forward-Looking Consumer Behaviors That Increasingly Impact Our Everyday Lives
Bank of America Trends in Consumer Mobility Report

For the first time, the latest Bank of America Trends in Consumer Mobility Report included today’s youngest generation – Generation Z (ages 13-17) – to better understand the future of mobile and the next era of banking. The report found disparities among these digital natives who were brought up in the age of technology, and older generations who can remember such a time off the grid.

One of the most visible differences today is the way we communicate, as the survey found Gen Zers are significantly more likely than their older counterparts to use emojis (95 percent, compared to 79 percent), social media (88 percent, compared to 77 percent), acronyms (87 percent, compared to 69 percent) and even selfies (81 percent, compared to 45 percent) to converse with others.

The survey also found a shift in the way parents interact with these digital natives. Nearly all parents (95 percent) monitor their children’s technology use, and just 5 percent give compete digital privacy. And many parents are instituting digital boundaries in the household as a result, including a ban on mobile phones at the dinner table (52 percent) and emailing or texting during a conversation (43 percent).

“As a parent of two digital natives, I personally see the changing dynamic every day,” said Michelle Moore, head of digital banking at Bank of America. “We use these insights to shape our mobile offerings at Bank of America, innovating beyond our four walls and anticipating the ever-evolving wants and needs of all our 23 million mobile customers – from Gen Zers to seniors – to ultimately develop solutions they never imagined possible.”

Other insights from the Bank of America Trends in Consumer Mobility Report include:

  • Fifty-four percent of millennials and Gen Zers are Googling themselves regularly, with 10 percent self-searching on a daily basis.

  • Sixty-two percent of Americans use a mobile banking app, up from 54 percent in 2016. Adoption is strong across all generations, including 75 percent of millennials, 66 percent of Gen Xers, 47 percent of baby boomers and 40 percent of seniors.

  • Approximately four in five consumers say they use a retro device, including CDs (49 percent), landlines (36 percent) and VCRs (17 percent).

  • Nearly half of adults are supportive of digital detoxes – intentionally disconnecting for more than 24 hours – with 11 percent reporting they’ve previously done one.  

Bank of America’s focus on mobile banking
With 23 million active mobile users and growing, Bank of America’s mobile banking platform is an evolving source of increased customer engagement and satisfaction. During the second quarter of 2017, mobile banking customers logged into their accounts 1 billion times, or approximately 47 times per user. During that same period, customers made more than 30 million mobile bill payments and nearly 11 million P2P transfers, a growth of 89 percent over 2016. Customers also used their mobile devices to deposit more than 340,000 checks daily and redeem over 1 million credit card cash and travel rewards. More customers are opening new accounts through mobile, with sales increasing by 47 percent over the past year.

About the Bank of America Trends in Consumer Mobility Report
Convergys (an independent market research company) conducted a nationally representative online survey on behalf of Bank of America May 25-June 3, 2017 using a panel-provided sample. Convergys surveyed 1,000 respondents throughout the U.S., comprised of adults 18+ with a current banking relationship (checking or savings), and who own a smartphone. In addition, 201 panelists were surveyed in the 13- to 17-year-old age group who also own a smartphone. The margin of error for the national sample of n=1,000 is +/- 3.1 percent, and the margin of error for the 13- to 17-year-old sample where n=201 is +/- 6.9 percent, with each reported at a 95 percent confidence level.

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For more information about the Bank of America Trends in Consumer Mobility Report, please contact Betty Riess, Bank of America, 1.415.913.4416.