Nearly two-thirds — 62 percent — of respondents to a recent Bank of America survey say they prefer to use mobile or online banking the most over other banking methods, up from 51 percent in 2015. The third annual survey showed that consumers’ dependence on mobile to meet their banking needs is steadily increasing, particularly among the millennial generation (those aged 18-35).
Fifty-four percent of respondents reported using a mobile banking app, including 75 percent of millennials surveyed. Of those, 35 percent said they access the app at least once a day, and 84 percent said they check at least once a week. The majority of users say they use their mobile banking app to check balances and statements (85 percent), transfer money (58 percent) and pay bills (52 percent).
The survey also found that an overwhelming majority — nearly nine in 10 — use mobile banking alerts and notifications to stay on top of things like fraud, deposits made to their account or low balances. Seventy-one percent of consumers say that receiving an alert from their bank led them to taking action, such as contacting their bank (42 percent), transferring funds (39 percent) or changing their spending habits (24 percent).
In addition to the upward trend in mobile app usage, more consumers also reported that they use or would be willing to use their mobile phone to make purchases — 40 percent of all consumers said they would use their smartphone to pay, compared with 34 percent in 2015. The survey results also suggest that mobile payment methods are catching up to traditional methods like cash and checks for paying someone back.
