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Hold The Phone: U.S. Consumers Wouldn’t Last One Day Without Access To Their Smartphone

Stocks in this article: BAC

Mobile banking is going mainstream, yet visits to bank branches remain steady

The report revealed that almost two-thirds (62 percent) of consumers have at least tried mobile banking. When accessing a mobile banking app, the most common activities included monitoring account balances and statements, transferring funds and paying bills, as well as depositing checks via mobile check deposit.

But while mobile and online banking services are becoming more widely used, and in many cases are consumers’ primary method of banking, visits to bank branches also remain high: 84 percent 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 percent) saying they have visited a bank branch in the past six months as those ages 35 and older (85 percent).

However, just 23 percent of respondents say they complete the majority of their banking transactions at a branch. Nearly half (47 percent) turn to mobile or online as their preferred method.

Mobile check deposit on the rise

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

Consumers who say they do not use mobile check deposit cite lack of awareness as the chief reason: more than one-third (35 percent) are either not as familiar as they would like to be or unsure how to use the feature. More than one in five surveyed (21 percent) prefer physically handing checks to a teller, and 27 percent report they just do not have any checks to deposit.

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

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