NetAmerica Alliance Blog
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Mobile Banking Survey Finds Strong Weekly App Use
Americans' obsession with their smartphones isn't limited to fun apps like Facebook and Twitter. According to a new mobile banking survey from Bank of America (BoA), 62% of people who use mobile banking apps use them a few times a week or more, including 20% who access their mobile banking app once a day or more.
More than half of respondents said mobile or online banking is their preferred method of banking, BoA reports in the second annual "Bank of America Trends in Consumer Mobility Report."
Nearly 6 in 10 of those surveyed said they have tried mobile banking apps. Nearly half (48 percent) are active mobile banking app users.
Insights like these highlight the mission of the NetAmerica Alliance. Our Members' customers want and deserve access to these apps and the services they deliver. In partnership with our Members, we're bringing that capability to rural America.
Mobile Banking Survey Results
BoA found strong growth in mobile payments this year. More than half (56 percent) of survey respondents said they would consider paying someone using a mobile banking app. More than one-third (34 percent) said they would consider or already have used their smartphone or wearable device to make a purchase at checkout.
Other highlights of BoA's report include:
- Approximately four out of five (81 percent) receive mobile banking app notifications and alerts, with low balance (43 percent), deposit made (41 percent) and unusual activity (41 percent) representing the most popular alerts;
- More than six in 10 (63 percent) are using mobile check deposit. Adoption of this feature is highest among older millennials ages 25–34, as nearly three-quarters (72 percent) of the generation report using the feature. At the same time, the survey showed a notable increase in those ages 50 and older: this year, 52 percent of that group used the feature, compared to 37 percent last year;
- Nearly four in 10 (38 percent) use their mobile banking app to pay bills; about one-third (32 percent) use the app to locate a branch or ATM; and 15 percent manage investments via the app.
"We recognize how essential smartphones are to everyday life, and banking is no different," Michelle Moore, head of digital banking at Bank of America, was quoted as saying. "Bank of America has more than 17 million active mobile banking users, and this number is growing by more than 5,000 users per day.