Mobile banking: The new normal

In its second annual consumer mobile report, Bank of America reveals how mobile is changing the face of banking and the extent to which consumers are increasingly reliant on their mobile device.

by Helen Leggatt

Bank of America currently has more than 17 million active users of mobile banking, growing at a rate of 5,000 users per day. During the first quarter of this year alone, their mobile banking customers logged in more than 625 million times - almost 40 times per user. More than 200,000 checks were deposited via mobile check deposit every day and users logged in 78,000 times to arrange appointments with a personal banker or banking specialist.

"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. "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."

Furthermore, mobile banking app users are increasingly reliant on alerts and notifications with low balance (43%), unusual activity (41%) and deposit made (41%) alerts some of the most popular. Generation X mobile bankers are, by far, most likely to use mobile alerts (91%) compared with 81% overall.

Bank of America's 'Trends in Consumer Mobility Report' surveyed adult consumers who own a smartphone and have an existing banking relationship at any financial institution found that 51% use mobile or online as their primary method of banking compared with just 23% who do most of their banking at a bank branch. While 48% actively use mobile banking apps, 57% have tried them out. Of those that use a mobile banking app, more than three-quarters (76%) access it once a week or more.

The desire for connectivity is so great that nearly three-quarters (71%) of respondents are sleeping with their smartphones. For many, interacting with their device is the last thing they do at night, and the first thing they do in the morning - before reaching for a coffee (35%), toothbrush (13%) or their significant other (10%).

Nearly 1 in 4 (38%) never disconnect from their mobile and just 7% do so while on vacation. More than half (57%) check their smartphone about once every hour, or more.