Talk, text, tweet, DM, Snap, FaceTime – there are thousands of ways to reach people and even more on the horizon. With communication and mobile technology advancing like never before, consumer behaviors are changing at record rates. The lines between physical and digital are increasingly blurring, which will significantly impact all industries for years to come, including banking.
Our latest Trends in Consumer Mobility Report takes a deeper dive into the merging of the digital and physical, finding nearly half of respondents see no difference between communicating virtually or in-person. According to the survey of evolving mobile trends and behaviors, it’s gotten to the point where consumers actually prefer mobile communication over in-person when it comes to connecting with their friends and family.
Read on for more key trends from the report:
Talk or Text?
There are several factors that Americans take into account to determine how they communicate with others, with top responses being the importance of the conversation, urgency and their relationship with the person. And for 41 percent of today’s Gen Zers, their current mood is the primary factor.
Just @ Me
The majority of consumers believe they can have a close friendship with someone they’ve never met in person, only online. Gen Zers are even as likely to ask for social media handles as they are for phone numbers when meeting new people.
Consumers are clearly turning to apps to manage their everyday lives, with many Gen Zers accessing apps more than 50 times per day. The types of apps Americans depend on the most are navigation, entertainment and retail; and they expect these apps to earn rewards, connect them with others, make payments and so much more.
We also found that Americans prefer apps that they see as having personality traits like being trustworthy, easygoing and well-rounded. We have the same expectations for apps that we do for our friends!
Banking on the Go
Mobile banking is also rapidly rising, as nearly three-quarters of consumers say they use their bank’s mobile app. Perhaps this is because nearly all users feel the app saves them time, with 80 percent citing it saves them up to an hour each week. Gen Zers and millennials are the highest adopters and most frequent users of mobile banking.
No Cash, No Problem
Along with day-to-day banking needs, Americans are also using mobile apps to pay each other – 44 percent of consumers currently use person-to-person payments (P2P) technology, an 8 percent increase year over year. P2P payments are even starting to replace physical gifts as 81 percent are comfortable gifting money through P2P, with birthdays, graduations and holidays the top occasions for doing so.
Passwords are quickly becoming a thing of the past. Today, most Americans are comfortable using biometrics on their smartphones, with 69 percent using fingerprint or touch ID, 65 percent using voice recognition and half using facial recognition. Baby Boomers are the heaviest adopters, leading the charge of newer, more secure ways to access their information.
Next-Gen Tech on the Horizon
User expectations continue to evolve and with it, new technologies. When asked to describe the future of technology, consumers predict that emerging tech will play an even larger role in their lives over the next decade. In the next 10 years,
- 60 percent think it will be more difficult to disconnect from technology
- 39 percent believe all technology devices will be touchscreen
- 35 percent say all information will be accessed via biometrics
Consumer-facing businesses cannot ignore these evolving behaviors if they want to stay relevant and forge meaningful, long-lasting relationships with their customers. At Bank of America, our unique high-tech, high-touch approach enables us to meet all of our clients where and how they want to communicate. Whether it’s through digital or physical interactions, our job is to make it as easy as possible for our clients to bank how, when, and where they want to.
To learn more about the Trends in Consumer Mobility Report from Bank of America, visit bankofamerica.com.
Nikki Katz is the Head of Digital Strategy and Emerging Experiences at Bank of America. She’s responsible for leading the ongoing enhancement of Bank of America’s digital services and channels, transforming the online and digital customer experience, and delivering a suite of leading-edge capabilities that will enable the bank to continue their leadership position in digital.