Proof Point
Planning vacations top life event where mobile banking apps are used, followed by saving for college and buying car, according to Bank of America survey
Major Life Events for Mobile Banking App Use
2017 (percentage of respondents)
| Note: | Data based on Bank of America’s 2017 Trends in Consumer Mobility Report that surveyed 1,000 U.S. respondents with bank accounts and smartphones, aged 18 and above, with a 3.1 margin of error, as well as 201 panelists aged 13-17 years old who own smartphones, with 6.9 margin of error |
Proof Point Findings
- Mobile Banking Apps – Bank services enabling customers to conduct financial transactions using Internet-enabled mobile devices
- Vacation Plans – 44% of U.S. respondents in Bank of America survey said they use mobile banking apps to plan for vacations, with percentage higher among Millennials (52%)
- Future Savings – Three in ten use mobile banking apps to save for college and retirement
- Major Purchases – Mobile banking apps also used by some respondents for big purchases, such as acquiring car (29%) or house (24%)
- Key Growth Drivers – Include increasing network connectivity, rapidly accelerating adoption of digital banking technologies, and growing consumer preference for faster, more efficient and self-service digital transactions
|
Accelerator |
|
|
Market Disruption |
|
|
Sector |
Financial Services
|
|
Source |
|
|
Date Last Updated |
April 10, 2018
|
