31% of US m-banking users log in at least once a day - report

Tuesday 8 July 2014 13:45 CET | News

31% of Americans who use a mobile banking app, access the service at least once a day and more than four in five use it once a week or more, recent findings indicate.

According to a report by Bank of America’s entitled “Trends in Consumer Mobility Report”, 81% use their mobile banking app to check their balance, 49% to transfer funds between accounts and 48% to pay bills. Additionally, six in 10 respondents are not yet comfortable with the idea of using their smartphone as a wallet in the future.

The report also revealed that despite the availability of mobile banking, the majority of respondents continue to use bank branches, with 84% of respondents having visited a bank branch within the past six months. Only 23% complete the majority of their banking transactions at a bank branch. Only 47% are using either their mobile or online as their primary method of banking.

Overall, almost two thirds of respondents to the survey have at least tried mobile banking and 90% make use of online banking.

Meanwhile, 58% of mobile banking users have used mobile cheque deposit. Of those who have not used mobile cheque deposit, more than a third are either not as familiar as they would like to be or are unsure how to use it. More than one in five prefers physically handing cheques to a teller and 27% reported they just don’t have any cheques to deposit.

When it comes to mobile payments, 60% of respondents are not yet comfortable with the idea of using their smartphone as a wallet in the future, with men reporting a higher comfort level than women (43% versus 33%). Nearly four in 10 respondents would not be comfortable using their phone to purchase something at checkout, but 6% do currently pay at the register with a mobile phone.

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Keywords: US, m-banking, mobile banking, report, banking app, banking transactions
Categories: Payments & Commerce
Countries: World
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