Almost one in two U.S. consumers, or 47 percent, admit they wouldn’t last a day without their smartphone, and many consider their devices more important than daily staples such as coffee and television, according to a new report by Bank of America. Of those who use their phones for banking, almost one-third, 31 percent, say they log on at least once a day, and four out of five (82 percent) access their accounts at least once a week or more.
These findings are part of the inaugural Bank of America Trends in Consumer Mobility report, a study that explores mobile trends and banking behaviors among adult consumers across the country who own a smartphone and have an existing banking relationship. The survey found that mobile connectivity is so critical that the smartphone falls below only the Internet and personal hygiene when ranked by importance to people’s daily lives. Ninety-one percent say their mobile phone is very important, just as important as their car (91 percent) and deodorant (91 percent) and significantly more important than television (76 percent) and coffee (60 percent).
The report also found that the youngest millennials ages 18 to 24 are most likely to view their mobile phones as very important (96 percent) — more so than deodorant (90 percent) and even their toothbrush (93 percent).
The report revealed that almost two-thirds (62 percent) of consumers have at least tried mobile banking. When accessing a mobile banking app, the most common activities include monitoring account balances and statements, transferring funds and paying bills as well as depositing checks via mobile check deposit.
Visits to bank branches also remain high. Eighty-four percent of respondents, the report says, have visited a bank branch within the past six months. This is true among all the age groups polled, with nearly the same percentage of millennials ages 18 to 34 (83 percent) saying they have visited a bank branch in the past six months as those ages 35 and older (85 percent).
However, just 23 percent of respondents say they complete the majority of their banking transactions at a branch. Nearly half (47 percent) turn to mobile or online as their preferred method.
Consumers who say they do not use mobile check deposit cite lack of awareness as the chief reason. More than one-third (35 percent) are either not as familiar as they would like to be or unsure how to use the feature. More than one in five surveyed (21 percent) prefer physically handing checks to a teller, and 27 percent report they just do not have any checks to deposit.
Braun Research, Inc., of Princeton, N.J., conducted its telephone survey on behalf of Bank of America in May. Braun surveyed 1,000 respondents throughout the U.S., comprising adults 18 or older with a current banking relationship (checking or savings) and who own a smartphone. In addition, 300 adults were also surveyed in eight target markets. –Staff and contribution