CHARLOTTE, N.C.--(BUSINESS WIRE)--First we talked, then we texted – what’s next? Social media handles are becoming the new “digits,” according to the latest Bank of America Trends in Consumer Mobility Report.
The report, which explores timely mobile trends and forward-looking behaviors, also finds the lines between physical and digital are increasingly blurring. The majority believe they can be friends with someone they’ve only met virtually, and many view communicating virtually just as or more meaningful than communicating in-person.
“This growing trend is why we take a unique high-tech, high-touch approach, meeting our 36 million digital clients where they are,” said Nikki Katz, head of digital strategy and emerging experiences at Bank of America. “Whether it’s through digital or physical interactions, our job is to make it easy for our clients to bank how and where they want to.”
Report findings include:
Staying app-tive
Consumers are increasingly turning to apps
to manage their everyday lives, with many Gen Zers accessing apps more
than 50 times per day. When thinking about the types of apps Americans
use the most, navigation (68 percent), entertainment (58 percent) and
retail (55 percent) top the list.
Kissing cash goodbye
Americans are warming up to the idea of
going cashless, as one-third say that they could forego physical
currency for a week, and the majority believe an entirely cashless
society will happen within their lifetime.
The decline of the password
The majority of Americans are
comfortable using biometrics on their smartphones today, including
fingerprint/touch ID (69 percent), voice recognition (65 percent),
facial recognition (50 percent), and retina scan (44 percent).
To learn more about the Bank of America Trends in Consumer Mobility Report, visit bankofamerica.com.
About Bank of America Digital Banking
Bank of America’s digital
banking platform is an evolving source of increased client engagement
and satisfaction serving more than 36 million digital clients, including
26 million active mobile users. Its award-winning mobile app was the
first to receive J.D. Power’s certification for “An Outstanding Mobile
Banking Customer Experience.” During the third quarter of 2018, mobile
banking clients logged into their accounts 1.4 billion times, made 137
million bill payments and deposited 33 million checks via mobile.
Methodology
Convergys Analytics (an independent market research
company) conducted a nationally representative online survey on behalf
of Bank of America May 2 – May 8, 2018. Convergys surveyed 1,001 adults
18+ with a current banking relationship (checking or savings) and who
own a smartphone. The margin of error is +/- 3.2 percent and is reported
at a 95 percent confidence level.
Bank of America
Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 67 million
consumer and small business clients with approximately 4,400 retail
financial centers, approximately 16,100 ATMs, and award-winning digital
banking with more than 36 million active users, including 26 million
mobile users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range of
asset classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers industry-leading
support to approximately 3 million small business owners through a suite
of innovative, easy-to-use online products and services. The company
serves clients through operations across the United States, its
territories and more than 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
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