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Bank of America Trends in Consumer Mobility Report

Report Explores Emerging and Forward-Looking Payments Behaviors Among U.S. Adult Consumers
Bank of America Trends in Consumer Mobility Report

The latest Bank of America Trends in Consumer Mobility Report explores emerging payments trends – specifically person-to-person payment technologies (P2P) that allow consumers to send money to others via their mobile device – and forward-looking behaviors among adult consumers across the country. The report found P2P is quickly becoming the new social “norm”, as 36 percent of adults currently use the service, with millennials leading the charge at nearly double that rate (62 percent). What’s more, 45 percent of consumers say they plan to start using the service within the next year, foreshadowing exponential growth in the coming months. 

The survey also found that timing is top of mind when deciding to use a P2P service. Most users say they started using P2P due to convenience and time savings (68 percent). This motivation is closely followed by peer influence (48 percent), new offerings from banks (30 percent) and a desire to no longer use cash or checks (16 percent). Users also agree that time is of the essence when paying each other back via P2P, as 69 percent of respondents say they pay each other back within the same day, and more than one-third say in under an hour. Similarly, 53 percent expect others to pay them back within 24 hours, and almost 22 percent within the hour.

“Technology is developing faster today than at any time in history, and our newest report demonstrates how consumers are embracing emerging technologies to make sense of their financial lives,” said Michelle Moore, head of digital banking at Bank of America. “We were among the first institutions to integrate the features of Zelle℠ this year, and we look forward to developing new innovations that anticipate our customers’ ever-changing needs in the payments space.”

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

  • Forty-five percent of consumers use P2P for shared expenses surrounding bills, followed by gifts (42 percent), travel (37 percent) and dining (35 percent).

  • Fifty-one percent of P2P users believe requesting a payment from others for $5 or less is socially acceptable, and 36 percent claim no amount is “too low.”

  • In sharing opinions about others’ payments faux pas, people are most annoyed by others paying via check in store (51 percent), followed by a delay in cashing checks (38 percent).

  • Seventy-one percent of consumers believe children under the age of 10 won’t know how to write a check, 42 percent believe they won’t use physical credit cards, and 36 percent think they will only shop on their smartphones.

Bank of America’s focus on mobile banking
With more than 22 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 2017, mobile banking customers logged into their accounts 980 million times, or approximately 44 times per user. During that same period, customers made more than 29 million mobile bill payments and nearly 9 million P2P transfers, a growth of 76 percent over 2016. Customers also used their mobile devices to deposit more than 315,000 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 36 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, panel sample online survey on behalf of Bank of America March 20-April 1, 2017. Convergys surveyed 1,005 respondents throughout the U.S., comprised of adults ages 18+ with a current banking relationship (checking or savings), and who own a smartphone. An additional 407 panelists were surveyed who also use a person-to-person payments service. The margin of error for the national sample of n=1,005 is +/- 3.1 percent, and the margin of error for the person-to-person payments oversample where n=407 is +/- 4.9 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.