New Bank of America Survey Finds Americans See No Distinction Between Physical and Digital
First we talked, then we texted – what’s next? Social media handles are becoming the new “digits,” according to the latest Bank of America Trends in Consumer Mobility Report.
The report, which explores timely mobile trends and forward-looking behaviors, also finds the lines between physical and digital are increasingly blurring. The majority believe they can be friends with someone they’ve only met virtually, and many view communicating virtually just as or more meaningful than communicating in-person.
“This growing trend is why we take a unique high-tech, high-touch approach, meeting our 36 million digital clients where they are,” said Nikki Katz, head of digital strategy and emerging experiences at Bank of America. “Whether it’s through digital or physical interactions, our job is to make it easy for our clients to bank how and where they want to.”
Report findings include:
Consumers are increasingly turning to apps to manage their everyday lives, with many Gen Zers accessing apps more than 50 times per day. When thinking about the types of apps Americans use the most, navigation (68 percent), entertainment (58 percent) and retail (55 percent) top the list.
Americans are warming up to the idea of going cashless, as one-third say that they could forego physical currency for a week, and the majority believe an entirely cashless society will happen within their lifetime.
The majority of Americans are comfortable using biometrics on their smartphones today, including fingerprint/touch ID (69 percent), voice recognition (65 percent), facial recognition (50 percent), and retina scan (44 percent).
Bank of America’s digital banking platform is an evolving source of increased client engagement and satisfaction serving more than 36 million digital clients, including 26 million active mobile users. Its award-winning mobile app was the first to receive J.D. Power’s certification for “An Outstanding Mobile Banking Customer Experience.” During the third quarter of 2018, mobile banking clients logged into their accounts 1.4 billion times, made 137 million bill payments and deposited 33 million checks via mobile.
Convergys Analytics (an independent market research company) conducted a nationally representative online survey on behalf of Bank of America May 2-8, 2018. Convergys surveyed 1,001 adults 18+ with a current banking relationship (checking or savings) and who own a smartphone. The margin of error is +/- 3.2 percent and is reported at a 95 percent confidence level.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Reporters may contact:
Jumana Bauwens, Bank of America