A Look at How Consumers Use Mobile Banking Apps
Published July 21, 2015 11:30 AM
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Updated June 1, 2021 1:22 PM
1 Min Read
Checking balances or statements and viewing transactions are the most widely used features, a new study finds.
Banking Behaviors
Conducted by Braun Research Inc. and commissioned by Bank of America, the study surveyed 1,000 U.S. consumers who have a banking relationship (checking or savings account) and own a smartphone.
Checking balances or statements (74%) and viewing transactions (63%) are the most widely used features of mobile banking apps, while 38% said they use mobile banking for bill pay and 32% use it for locating a branch or ATM. Just 15% use their mobile banking app to manage investments.
Checking balances or statements (74%) and viewing transactions (63%) are the most widely used features of mobile banking apps, while 38% said they use mobile banking for bill pay and 32% use it for locating a branch or ATM. Just 15% use their mobile banking app to manage investments.
Alerts
Some 81% of consumers use their app for banking notifications and alerts, with Gen X (consumers age 35-49) most likely to receive alerts when compared to other demographics (91%).
Gen X usage of mobile alerts meets or exceeds usage of all other demographics in all categories, including bill payment due, deposits made, checks cleared, fraud or unusual activity, banking appointment reminders and approaching credit card limits.
Gen X usage of mobile alerts meets or exceeds usage of all other demographics in all categories, including bill payment due, deposits made, checks cleared, fraud or unusual activity, banking appointment reminders and approaching credit card limits.
Additional Security
More than three quarters (78%) of respondents said they would welcome additional security features on their mobile banking apps in order to restrict outsiders' access to their banking information.
Wearable Tech
Over 40% of respondents have already purchases wearable technology or would consider doing so, with Gen X (47%) and 48% of older Millennials (ages 25-34) most likely to. Thirty-four percent say said they have already used wearables to make a purchase at point-of-sale or would consider doing so.
Branch Visits Last Six Months
Consumers don't just want mobile banking-83% of respondents said they have visited a branch within the last six months. Of those visiting a branch in the last six months, 87% were seniors, while 85% were younger Millennials (age 18-24).
Just under one-quarter (23%) of respondents said they complete most of their banking transactions at a branch, whereas 51% use online or mobile as their primary transaction channel.
Just under one-quarter (23%) of respondents said they complete most of their banking transactions at a branch, whereas 51% use online or mobile as their primary transaction channel.
Frequency of Accessing Mobile Banking
With the phone so close at hand, consumers reported high levels of mobile banking usage. Sixty-two percent of consumers said they log in at least a few times each week, and 20% said they check it once per day.
