Bank of America just released their second annual “Bank of America Trends in Consumer Mobility Report” and it shows consumer’s growing reliance on smartphones. The report finds that 38% of respondents are never away from their phones and only 7% entirely shut down on vacation. In addition, 36% of smartphone users check their phone constantly while 89% of adults check their smartphones at least several times per day. If that is not a connection enough, 71% sleep with their smartphones and 35% say they check it first thing in the morning. And then of course, there is our favorite statistics – 96% of Millennials would give up their deodorant before their smartphone.
When it comes to banking, 51% of respondents prefer mobile or online banking compared to going into a branch. Only 23%, of respondents complete the majority of transactions in their branch, which includes just 6% of mobile users between the ages of 18 to 24 years of age.
39% of users check in with their bank a few times per week, usually to check balances (81%), to transfer funds (49%) or to pay bills (48%).
A majority of the respondents (84%) have visited a branch in the last six months, largely to deposit a check (64%) or to withdraw funds (46%). Only 21% visited a branch to speak with a banker.
38% of respondents said they would use a smartphone as a wallet, 39% are comfortable using their smartphone to make payments and 44% would purchase wearable technology.
What It Means
We will give our take later this week, but Bank of America’s statistics are interesting for what they do and don’t say. It is clear that banking channels are rapidly changing and we are just starting to understand the changes. Look for an another post later this week as we further highlight the role of mobile in the future of banking.
Submitted by Chris Nichols on July 28, 2015