Consumers are becoming more reliant on mobile devices in their daily routines, especially for financial matters.
Bank of America released its inaugural "Trends in Consumer Mobility Report" on Monday, which revealed that out of 1,000 U.S. adults, 47% admitted they would not last a day without their smartphone. About 85% of survey respondents check their mobile devices a few times a day, the report concluded.
Having access to a smartphone was so critical for most survey respondents that it trailed only the Internet and personal hygiene in terms of importance. However, 96% of adults between 18 and 24 years old believe using a mobile phone is more imperative than using the Internet, putting on deodorant and brushing their teeth.
Meanwhile, the survey determined that almost two-thirds (62%) of consumers have tried mobile banking. The most common banking activities people use their smartphones for include monitoring account balances and statements, transferring funds and paying bills, and depositing checks, Bank of America found.
Of those who use mobile banking applications, more than four in five access it once a week or more, according to Bank of America. Additionally, 31% use mobile banking at least once a day.
Even though mobile banking is becoming rampant, consumers are still making branch visits, the report determined. For example, 84% of survey respondents visited a bank branch within the past six months. However, just one-quarter said they completed their banking transactions at a branch; about half of the consumers surveyed would prefer to do this either online or through a mobile device.
Bank of America surpassed 15 million active mobile banking customers in 2014. The financial institution recently introduced new features to its mobile app.