WASHINGTON—Nearly two-thirds—62%—of respondents to a recent Bank of America survey say they now use a mobile banking app, up 14 percentage points from two years ago.
The survey showed that consumers' dependence on mobile to meet their banking needs is steadily increasing, particularly among the Millennial generation, noted the ABA Banking Journal in its analysis.
Three-quarters of Millennials reported using a mobile banking app, while two-thirds of Gen Xers said they do, along with 47% of Baby Boomers and 40% of seniors, the ABA Banking Journal pointed out about the study.
“Fifty-five percent of respondents said they use their bank's mobile app to have 24/7 access to their account information. Other top reasons cited for downloading their bank's app were mobile check deposit (44%), reducing branch trips (29%) and paying bills (28%), the ABA Banking Journal stated.