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BizReport : Mobile Marketing : July 02, 2014

Smartphones more important to users than coffee and toothbrushes

More and more people are using their mobile device to carry out banking functions, according to a recent report from Bank of America, in a world where smartphones are now considered more important than coffee, television and even personal hygiene.

by Helen Leggatt

In its inaugural Trends in Consumer Mobility Report, Bank of America reveals just how important smartphones are to the U.S. public. Almost half (47%) said they would be lost without their smartphone and could not last the day without the device about their person.

Furthermore, 60% even put the importance of their smartphone above coffee and two-thirds (76%) say it is more important than television. For nearly all (91%) their mobile device is as important as their car and even their deodorant. Among younger age groups, such as 18-24 year olds, their mobile is more important even than their personal hygiene with 90% saying their device is more important than deodorant and even more (93%) ranking them above toothbrushes.

People are also using their smartphone to conduct banking - almost two-thirds (62%) have at least tried it and Bank of America now has over 15 million active mobile banking users. Of those that have tried mobile banking, 31% log on via their smartphone at least once every day while the majority (82%) checks their account via mobile at least once a week. However, Bank of America does recognize that banking via a physical branch remains the most popular method by which to monitor accounts.

"There's no question that an on-the-go lifestyle is now considered the norm, and that a mobile mindset has been adopted," said Marc Warshawsky, mobile banking executive with Bank of America, based in Charlotte, NC.

"It's no different when it comes to financial services. Banks are expected to deliver mobile banking options that meet customers where they are, when they need it, at all times."

Image via Shutterstock

Tags: banking, mobile, smartphone, trends

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