CHARLOTTE, N.C.—Interest in mobile banking just keeps on rising, according to a new survey that shows 62% of users polled prefer to use mobile or online banking the most over other banking methods.
According to the Bank of America study, that figure is up from 51% in 2015.
The annual report, out for the third consecutive year, also revealed that consumers' dependence on mobile to meet their banking needs is increasing the fastest with Millennials.
Fifty-four percent of respondents reported using a mobile banking app, including 75% of Millennials. The most coveted demographic by credit unions report that they access a mobile banking app at least once a day, and 84% said they check at least once a week, the ABA Banking Journal reported.
Overall, the majority of users say they use their mobile banking app to check balances and statements (85%), transfer money (58%) and pay bills (52%). The survey also found that the large majority—nearly nine in 10—use mobile banking alerts and notifications to stay on top of things like fraud, deposits made to their account or low balances, the ABA Banking Journal stated.