BANK OF AMERICA
The third annual Bank of America Trends in Consumer Mobility Report is a study exploring broad mobile trends and banking behaviors among adult consumers across the country. This year’s report found the majority of Americans deny their smartphone behaviors, 17 percent believe they are on their mobile phone too much, while 56 percent believe other people are guilty of overuse. What’s more, just 10 percent consider themselves “tuned out to the world” while on their device, and 55 percent believe they mind their mobile manners. When asked about others’ behaviors, the numbers are nearly inverse at 50 percent and 18 percent, respectively.
The survey also found an ever-growing daily dependence on devices. In an average day, millennials (39 percent) cite they are most likely to interact with their smartphone more than anyone or anything else, including their significant other (27 percent). This increasing reliance is also visible in managing finances: 48 percent of Americans are constantly checking their finances via mobile, including account balances and budgets, compared to only 28 percent that report frequently checking health-related items, such as steps and calories.
“This year’s report demonstrates the growing reliance on our mobile devices to navigate daily life and manage our finances -- including significant growth in mobile banking and emerging payments,” said Michelle Moore, head of digital banking at Bank of America. “At Bank of America, we want to be where our customers are, which is why we continue to deliver new features, such as cardless ATM technology, that provide increased convenience to our 20 million active mobile users.”
Other insights from the Bank of America Trends in Consumer Mobility Report include:
Nearly three-quarters of Americans say they take selfies, and 65 percent admit to using emojis.
Fifty-nine percent of respondents own multiple mobile devices, and 24 percent own three or more.
Two-thirds of adults feel the appropriate response time to a text is under an hour, with 43 percent citing under 10 minutes and 10 percent thinking it should be instantly.
Fifty-seven percent of consumers would consider or are already using a peer-to-peer money transfer service from their bank, while 40 percent would also use or already use their phone to make purchases at checkout.
Sixty-two percent of respondents use mobile or online as their preferred method of banking, which is significantly up from 51 percent in 2015. Fifty-four percent of consumers also say they are active users of a mobile banking app, up from 48 percent last year.
Of those using a mobile banking app, 87 percent use mobile banking alerts and notifications, and 71 percent take action when they receive an alert, such as contacting the bank (42 percent) and transferring money between accounts (39 percent).
Bank of America’s focus on mobile banking
With 20 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 first quarter of 2016, mobile banking customers logged into their accounts almost 900 million times, or approximately 46 times per user. During that same period, customers made nearly 24 million mobile bill payments and 70 million transfers, a growth of 29 percent and 20 percent, respectively, over 2015. Customers also used their mobile devices to deposit more than 254,000 checks daily and to schedule 104,000 appointments with a personal banker or financial center specialist. More customers are opening new accounts through mobile, with sales increasing by 50 percent over the past year.
About the Bank of America Trends in Consumer Mobility Report
Braun Research, Inc. (an independent market research company) conducted a nationally representative, telephone survey on behalf of Bank of America March 29-April 12, 2016. Braun surveyed 1,004 respondents throughout the U.S., comprised of adults 18+ with a current banking relationship (checking or savings) and who own a smartphone. The survey was conducted by phone to a dual-frame landline and cell. In addition, approximately 300 adults were also surveyed in seven target markets: Boston, Chicago, Houston, Los Angeles, Miami, Phoenix and San Francisco. The margin of error for the national quota of n=1,004 is +/- 3.1 percent with a 95 percent confidence level; the margin of error for the oversampled markets (where n=301-307) is +/- 5.6 percent; and the margin of error for the oversampled markets (where n=300) is +/- 5.7 percent, with each reported at a 95 percent confidence level.
News Releases and Additional Information
June 21, 2016 – Fess Up: Majority of Americans Deny Their Smartphone Behaviors
June 21, 2016 — 2016 Bank of America Trends in Consumer Mobility Report Regional Fact Sheets:
For More Information
For more information about the Bank of America Trends in Consumer Mobility Report, please contact Betty Riess, Bank of America, 1.415.913.4416.