Perpetually Plugged In: America’s Smartphone Obsession Continues as Many Admit to Constant Connectivity
June 29 2015 - 10:00AM
Business Wire
Bank of America Survey Reveals Reluctance to
Disconnect; Growing Reliance on Mobile Extends to Banking,
Payments
Nearly four in 10 (38 percent) U.S. adult consumers never
disconnect from their smartphones, and only 7 percent shut down
entirely on vacation, according to a new report released today by
Bank of America. In examining everyday use, the majority (89
percent) of adults check their smartphones at least several times a
day, and more than one-third (36 percent) report they constantly
check their devices. This growing dependency is also visible in
managing finances: of those consumers who use a mobile banking app,
nearly two-thirds (62 percent) access it at least a few times a
week or more, while one in five (20 percent) check once a day or
more.
These findings are part of the second annual Bank of America
Trends in Consumer Mobility Report, a study that explores mobile
trends and banking behaviors among adult consumers who own a
smartphone and have an existing banking relationship at any
financial institution. The survey found the desire for connectivity
is so great that nearly three-quarters (71 percent) of respondents
are sleeping with their smartphones, and for many, it is not only
their last interaction of the evening, but the first thing they
reach for in the morning (35 percent) before their coffee (17
percent), toothbrush (13 percent) or significant other (10
percent).
“We recognize how essential smartphones are to everyday life,
and banking is no different,” said Michelle Moore, head of digital
banking at Bank of America. “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. We are increasingly focused on
providing solutions to meet the expectations of our customers,
allowing them to do more with their phones and bank with us when,
where and how they want.”
Increasing mobile banking use and payments adoptionThe
report revealed that more than half (51 percent) of respondents use
mobile or online banking as their preferred method of banking. Less
than one-quarter (23 percent), including just 6 percent of younger
millennials ages 18–24, complete the majority of their transactions
at a branch.
While nearly six in 10 (57 percent) respondents have tried
mobile banking apps, almost half (48 percent) of all respondents
are active mobile banking app users. In further examining current
users, prominent activity includes:
- 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.
Mobile payments also saw significant growth this year. According
to the report, more than half (56 percent) would consider paying
someone using person-to-person payments via mobile banking app.
More than one-third (34 percent) would consider or already have
used their smartphone or wearable device to make a purchase at
checkout.
Growing awareness of smartphone etiquetteWith the
increase in smartphone use comes a growing focus on mobile manners.
Three-quarters (75 percent) of respondents say they have mobile
boundaries, believing some places are not appropriate for mobile
phone use. When asked about the most annoying place people use
their smartphones, consumers cited movie theaters (31 percent),
followed by religious institutions (18 percent) and restaurants (13
percent).
Americans also confessed to their own mobile behaviors,
including texting during meal time (37 percent); checking their
phone during conversation (32 percent); and taking a phone call on
public transportation (27 percent).
Other notable highlights from the report include:
- Mobile blunders: When asked about the
most embarrassing thing that has happened involving their mobile
device, nearly one-third (30 percent) of respondents were most
embarrassed by loud ringtones going off in quiet places.
- Other top responses included
accidentally calling someone (19 percent) and sending a personal
message/photo to the wrong person (16 percent).
- Younger millennials ages 18–24 were
most likely to cite being broken up with via text (5 percent) and
getting caught taking a selfie in public (5 percent).
- Age appropriate: Nearly half (46
percent) of respondents feel the most appropriate time for parents
to buy their child a smartphone is ages 13–15.
- Smartphone dependence: If asked to
refrain from smartphone use, nearly half (44 percent) of Americans
say they couldn’t last 24 hours.
Bank of America’s focus on mobile bankingBank of America
is continuously focused on providing customers ease and convenience
in mobile banking. Bank of America’s mobile banking platform
remains a key source of increased customer engagement and
satisfaction with more than 17 million active users, growing at a
rate of approximately 5,000 users per day. During the first quarter
of 2015, mobile banking customers logged into their accounts more
than 625 million times, or almost 40 times per user. During that
same period, customers made nearly 19 million mobile bill payments
and transferred money to others nearly 5 million times simply by
using their phone number or email address. Customers also used
their mobile devices to deposit more than 200,000 checks via mobile
check deposit every day, and logged in 78,000 times to schedule
appointments with a personal banker or financial center
specialist.
About the Bank of America Trends in Consumer Mobility
ReportBraun Research, Inc. (an independent market research company)
conducted a nationally representative telephone survey on behalf of
Bank of America April 13-26, 2015. Braun surveyed 1,000 respondents
throughout the U.S., comprised of adults 18+ with a current banking
relationship (checking or savings) and who own a smartphone. The
survey was conducted by phone to a dual-frame landline and cell. In
addition, 300 adults were surveyed in nine target markets:
California, Florida, Texas, Atlanta, Boston, Charlotte, Chicago,
Denver and New York. The margin of error for the national quota
(where n=1,011) is +/- 3.1 percent with a 95 percent confidence
level; the margin of error for the oversampled markets (where
n=301-307) is +/- 5.6 percent; and the margin of error for the
oversampled markets (where n=300) is +/- 5.7 percent, with each
reported at a 95 percent confidence level.
Bank of AmericaBank of America is one of the world's largest
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
48 million consumer and small business relationships with
approximately 4,800 retail financial centers and approximately
15,900 ATMs and award-winning online banking with 31 million active
users and approximately 17 million mobile users. Bank of America is
among the world's leading wealth management companies and is a
global leader in 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 in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
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Reporters May Contact:Tara Burke, Bank of America,
1.203.292.6590tara.a.burke@bankofamerica.com
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