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Mobile Money Management
There’s no denying it — smartphones have become essential to daily life. From the smallest to the most complex of tasks, we’ve adopted a mobile-first mindset. For an increasing number of adults, this means their smartphone is never too far out of reach.
In fact, if you’re like most Americans, your smartphone is your first and last interaction of the day. Nearly 71 percent of consumers sleep with their smartphones nearby and 35 percent say it’s the first thing they reach for in the morning, according to the second annual Bank of America Trends in Consumer Mobility Report. What’s more, 36 percent report checking their mobile devices “constantly,” and 38 percent never disconnect from their smartphones.
The survey, which explored broad mobile trends and banking behaviors among adults across the country, found the need for constant connectivity also extends to banking. Of those respondents who use a mobile banking app, 62 percent say they access it a few times a week or more, while 20 percent check once a day or more.
“We recognize how essential smartphones are to everyday life and banking is no different,” says Michelle Moore, head of digital banking at Bank of America. “For many of our customers, mobile has become the bank in their pocket, allowing them to bank with us when, where and how they want.”
The report revealed further insights into how consumers are using mobile to manage their money.
Mobile banking is the new normal. More consumers are using mobile banking to stay in control of their finances, with the survey revealing nearly six in 10 (57 percent) have at least tried mobile banking and 48 percent are active users. Fifty-one percent use either mobile or online as their primary method of banking, while just 23 percent complete the majority of their banking at a bank branch.
Mobile check deposit is on the rise. Consumers are increasingly benefitting from the convenience of mobile check deposit, using the feature to save themselves a trip to the bank. Sixty-three percent surveyed have used mobile check deposit, with older millennials (ages 25-34) the most likely to use it (72 percent).
Consumers trust alerts to stay in-the-know. Mobile banking alerts give consumers the flexibility to manage their finances via a range of customizable notifications. Many Americans are already taking advantage — the majority (81 percent) of mobile banking app users report receiving banking notifications via mobile, such as low balance (43 percent), unusual activity (41 percent) and bill pay (35 percent) alerts.
Mobile phones becoming mobile wallets. Consumers are increasingly receptive to new and emerging technology, particularly when it comes to mobile banking and payments. Approximately six in 10 (56 percent) surveyed would consider paying someone using person-to-person payments via mobile banking app. Additionally, 34 percent would consider or have already used their smartphone or wearable device to make a purchase at checkout.
For additional insights into consumer mobility and mobile banking, view the full Bank of America Trends in Consumer Mobility Report at http://newsroom.bankofamerica.com/press-kits/bank-america-trends-consumer-mobility-report.
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July 14, 2017