BANK OF AMERICA
The second 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. Nearly two in five (38 percent) U.S. adult consumers never disconnect from their smartphones, and only 7 percent shut down entirely on vacation, according to the report. In examining everyday use, the majority (89 percent) of adults check their smartphones at least several times a day, and more than one-third (36 percent) report they constantly check their devices. This growing dependency is also visible in managing finances: of those consumers who use a mobile banking app, nearly two-thirds (62 percent) access it at least a few times a week or more, while one in five (20 percent) check once a day or more.
“We recognize how essential smartphones are to everyday life, and banking is no different,” said Michelle Moore, head of digital banking at Bank of America. “Bank of America has more than 18 million active mobile banking users, and this number is growing by more than 5,000 users per day. We are increasingly focused on providing solutions to meet the expectations of our customers, allowing them to do more with their phones and bank with us when, where and how they want.”
Other insights from the Bank of America Trends in Consumer Mobility Report include:
The desire for connectivity is so great that nearly three-quarters (71 percent) of respondents are sleeping with their smartphones, and for many, it is not only their last interaction of the evening, but the first thing they reach for in the morning (35 percent) before their coffee (17 percent), toothbrush (13 percent) or significant other (10 percent).
If asked to refrain from smartphone use, nearly half (44 percent) of Americans say they couldn’t last 24 hours.
More than half (51 percent) of respondents use mobile or online banking as their preferred method of banking. Less than one-quarter (23 percent), including just 6 percent of younger millennials ages 18–24, complete the majority of their transactions at a branch.
While nearly three in five (57 percent) respondents have tried mobile banking apps, almost half (48 percent) of all respondents are active mobile banking app users.
Of those using a mobile banking app, three in five (63 percent) are using mobile check deposit, and the majority (81 percent) are using mobile banking alerts.
Three-quarters (75 percent) of respondents say they have mobile boundaries, believing that some places are not appropriate for mobile phone use. When asked about the most annoying place people use their smartphones, consumers cited movie theaters (31 percent), followed by religious institutions (18 percent) and restaurants (13 percent).
Bank of America’s focus on digital banking
Bank of America is continuously focused on providing customers ease and convenience in mobile banking. Bank of America’s mobile banking platform remains a key source of increased customer engagement and satisfaction with 19 million active users, growing at a rate of approximately 5,000 users per day. During the first quarter of 2015, mobile banking customers logged into their accounts more than 625 million times, or almost 40 times per user. During that same period, customers made nearly 19 million mobile bill payments and transferred money to others nearly 5 million times simply by using their phone number or email address. Customers also used their mobile devices to deposit more than 200,000 checks via mobile check deposit every day, and logged in 78,000 times to schedule appointments with a personal banker or financial center specialist.
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 April 13-26, 2015. Braun 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. The survey was conducted by phone to a dual-frame landline and cell. In addition, 300 adults were also surveyed in nine target markets: California, Florida, Texas, Atlanta, Boston, Charlotte, Chicago, Denver and New York. The margin of error for the national quota (where n=1,011) 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.
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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.