B of A Survey: Mobile Banking Becomes Further Embedded in Consumer Lives

Nearly two-thirds — 62 percent — of respondents to a recent Bank of America survey say they now use a mobile banking app, up 14 points from two years prior. The bank’s fourth 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). Three-quarters of millennials reported using a mobile banking app, while two-thirds of Gen Xers said they do, along with 47 percent of baby boomers and 40 percent of seniors.

Fifty-five percent of respondents said they use their bank’s mobile app to have 24/7 access to their account information. Other top reasons cited for downloading their bank’s app were mobile check deposit (44 percent), reducing branch trips (29 percent) and paying bills (28 percent).

Consumers are growing more comfortable using their banks’ mobile app during big financial decision or planning moments. Forty-four percent said they use it while planning a vacation; 29 percent said the same for saving for college or buying a car; 28 percent said they use their app for retirement planning and 24 percent said they use it when planning for a house purchase.