U.S. Frequency of Using Mobile Banking Apps

U.S. Frequency of Using Mobile Banking Apps

Proof Point

Bank of America found more U.S. consumers accessed mobile banking apps at least once a day in 2016 than previous years

U.S. Frequency of Using Mobile Banking Apps

2014 – 2016 (percentage of respondents)

Note: Data based on Bank of America’s Trends in Consumer Mobility Report survey of 1,004 adults (18+) with current banking relationship (checking or savings), at 3.1 margin of error and 95% confidence level

Proof Point Findings

  • Mobile Banking Apps – Bank services enabling customers to conduct financial transactions using mobile device apps
  • Increased Daily Usage – More U.S. consumers used mobile banking apps at least once a day (35%) in 2016, compared to 2014 (31%) and 2015 (20%)
  • Generational Behavior – Millennials were heavier users of service compared to older cohorts
  • Key Growth Drivers – Includes expanding mobile internet penetration, increasing consumer preference for faster, more efficient and self-service digital transactions, improving security features and protocols, and growing adoption of digital banking technologies

Accelerator
Cloud-Based Services

Market Disruption
New Payment Technologies, Seamless Multi-Channel Experiences

Sector
Financial Services

Source

Date Last Updated
May 28, 2017

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