Bank of America’s mobile banking platform has more than 17 million active users and 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.
A new Bank of America survey has found 38% of U.S. adult consumers never disconnect from their smartphones, and only 7% shut down entirely on vacation. The majority (89%) of adults check their smartphones at least several times a day, and more than one-third (36%) report they constantly check their devices.
The survey says the growing dependency is also visible in managing finances: of those consumers who use a mobile banking app, nearly two-thirds (62%) access it at least a few times a week or more, while one in five (20%) check once a day or more.
The survey found the desire for connectivity is so great that nearly three-quarters 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%) before their coffee (17%), toothbrush (13%) or significant other (10%).
The report revealed that more than half (51%) of respondents use mobile or online banking as their preferred method of banking. Less than one-quarter (23%), 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%) respondents have tried mobile banking apps, almost half (48%) of all respondents are active mobile banking app users. In further examining current users, prominent activity includes:
• Approximately four out of five (81%) receive mobile banking app notifications and alerts, with low balance (43%), deposit made (41%) and unusual activity (41%) representing the most popular alerts.
• More than six in 10 (63%) are using mobile check deposit. Adoption of this feature is highest among older millennials ages 25-34, as nearly three-quarters (72%) 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% of that group used the feature, compared to 37% 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.
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