06 December 2016
Visit aciworldwide.com

Smartphone users still wedded to the branch - BofA survey

01 July 2014  |  5917 views  |  0 Bank of America signage

Almost one in two US smartphone users admit they wouldn't last a day without their mobile, and many consider their devices more important than daily staples such as coffee and television, according to a new report by Bank of America.

Of those who use their phones for banking, almost one-third (31%) of the 1000 smartphone users polled say they log on at least once a day, and four out of five (82%) access their accounts at least once a week or more.

Marc Warshawsky, senior vice president and mobile solutions executive at Bank of America, says: "Bank of America now has more than 15 million active mobile banking users who access their accounts on a mobile device over 165 million times per month. We've seen this number continue to grow and recently the number of monthly mobile banking logins surpassed online banking logins for the first time."

Increasingly, consumers are using their mobile banking apps to perform more sophisticated transactions, such as mobile cheque deposit. According to the report, nearly six in 10 (58%) of those surveyed have used mobile check deposit, and nearly four in 10 (38%) use it frequently.

"Mobile cheque deposit has been one of the fastest growing digital services we offer," says Warshawsky. "Customers appreciate the convenience of being able to complete their deposit anytime, anywhere and are depositing an average of 170 thousand cheques via mobile device every day."

But while mobile and online banking services are becoming more widely used, visits to bank branches also remain high: 84% of respondents have visited a bank branch within the past six months. This is true among all the age groups polled, with nearly the same percentage of millennials ages 18-34 (83%) saying they have visited a bank branch in the past six months as those ages 35 and older (85%).

This news may be less welcome to the bank, which claims to have spent almost $500 million on the development of mobile products and services over the past three years and has been actively cutting branches to cater for the digital generation.

Read the full report:» Download the document now 234.1 kb (PDF File)

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank of America caters to Skype generation with telepresence roll-out

Bank of America caters to Skype generation with telepresence roll-out

23 May 2014  |  7964 views  |  0 comments | 9 tweets | 6 linkedin
BofA to cut further branches as $500 million mobile investment pays off

BofA to cut further branches as $500 million mobile investment pays off

16 January 2014  |  8519 views  |  0 comments | 25 tweets | 14 linkedin
Bank of America employees picket video teller ATMs

Bank of America employees picket video teller ATMs

26 November 2013  |  5950 views  |  0 comments | 4 tweets | 5 linkedin
BofA opens tech-packed 'express' branches

BofA opens tech-packed 'express' branches

02 October 2013  |  7172 views  |  0 comments | 10 tweets | 7 linkedin
BofA first bank to take on Square

BofA first bank to take on Square

13 November 2012  |  8008 views  |  1 comments | 15 tweets | 8 linkedin
Bank of America claims 10 million mobile customers; accelerates branch closure programme

Bank of America claims 10 million mobile customers; accelerates branch closure programme

24 May 2012  |  15173 views  |  0 comments | 2 tweets | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit aciworldwide.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit capgemini.com

Who is commenting?

A Finextra member Finextra Member Commented on: Guesswork alone can cr...
A Finextra member Finextra Member Commented on: Guesswork alone can cr...
A Finextra member Finextra Member Commented on: Guesswork alone can cr...
A Finextra member Finextra Member Commented on: Guesswork alone can cr...

Top topics

Most viewed Most shared
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
6785 views 12 comments | 15 tweets | 26 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
6344 views comments | 23 tweets | 15 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
6193 views comments | 17 tweets | 21 linkedin
Amazon signs up tech firms to financial services cloud programmeAmazon signs up tech firms to financial se...
6008 views comments | 14 tweets | 15 linkedin
Big tech policy group calls on Trump to promote fintech innovationBig tech policy group calls on Trump to pr...
5385 views comments | 22 tweets | 11 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job