Banking Your Way
Americans Agree: Their mobile phone is their most prized possession.
1 in 3 Americans would hate to lose their cell phone, over their birth certificate - 20%, their wedding ring - 10%, a family heirloom - 18.
Mobile tools make consumers' lives easier-especially for their banking needs. 3 in 4 say mobile tools help them stay organized. 2 in 3 understand the benefits of using their bank app.
Banking Apps make everyday life easier. 51% of users are tapping into their app at work. 35% use it while on a break. 31% use their app while eating at a restaurant.
Digital Banking on the Rise.
32% of Americans are using their bank's app more for day-to-day banking to: view account balances-76% in 2016 vs 50% in 2015; pay bills-62% in 2016 vs 42% in 2015; transfer money-55% in 2016 vs 47% in 2015.
Today, more people are using their bank's website for new and different needs. 37% now using it to pay bills. 31% now using it to transfer money. 17% are using ATMs more this year compared to last year.
Knowledge is power: Mobile know-how is cross generational. Millennials, Gen X and Boomers recognize the value of mobile banking - gaining a better understand of banking apps more every year.
In 2015 75% of millennials, 66% of Generation X and 55% of Boomers viewed account balances; 65% of millennials, 60% of Generation X and 50% of Boomers paid bills; 66% of millennials, 58% of Generation X and 49% of Boomers transfer money from one acount to another.
In 2016 91% of millennials, 80% of Generation X and 66% of Boomers viewed account balances; 85% of millennials, 79% of Generation X and 70% of Boomers paid bills; 93% of millennials, 84% of Generation X and 71% of Boomers transfer money from one acount to another.
No wallet, no problem. 40% of Americans have either lost or forgotten their debit or credit card when they needed it. 25% realized they forgot their card when they needed to pay. 21% have lost their card. 2 in 5 would leave their wallet at home if they used a digital wallet. 48% prefer to pay using their phone vs. credit card or cash. 46% plan to make more payments with mobile phones MORE in the next five years.
The telephone survey is among a nationally representative sample of 1,008 adults (18 years old and older) living in the continental United States. The online survey is among a nationally representative sample of 1,500 adults (18 years old and older) living in the continental United States, with an oversample to obtain 200 repsondents in the following cities: New York, Los Angeles, Chicago, Dallas, Phoenix, Columbus, Miami and San Diego.
Banking Your Way