Bank of America

Trends in Consumer Mobility Report

2018

In our latest Bank of America Trends in Consumer Mobility Report, explore the timely mobile trends and forward-looking behaviors that increasingly impact consumersā€™ everyday lives.

Next-gen relationships

Phone numbers are on the verge of extinction. When meeting new people, younger Americans (ages 18-22) are turning to social media to stay in touch.

When meeting
new people,
I ask for their...

Phone numbers

54%

Hi!

Staying "app-tive"

Consumers are turning to apps to manage their everyday lives, with 28 percent of Gen Zers even accessing apps more than 50 times a day.

Consumers are most likely to depend on the following types of apps...

58%

Entertainment

55%

Retail

51%

Music

...and rely on them to:

48%

Earn rewards

36%

Connect with others

35%

Track their location

34%

Make payments

Kissing cash goodbye

Consumers are warming up to the idea of a cashless society, as many say that they could forego physical currency for an extended period of time.

45%

One day

33%

One week

23%

One month

19%

One year

Accelerating the move to mobile banking

Mobile banking usage continues to rise, as nearly three-quarters of consumers say they use their bank's mobile app.

  • 2015

    48
  • 2016

    54
  • 2017

    62
  • 2018

    70

The decline of the password

The majority of Americans are comfortable using biometrics on their smartphone, with baby boomers surprisingly paving the way for usage.

  • Voice recognition

    Total respondents: 65%
    Baby boomers: 71%
  • Facial recognition

    Total respondents: 50%
    Baby boomers: 55%
  • Retina scan

    Total respondents: 44%
    Baby boomers: 52%
  • Fingerprint/touch ID

    Total respondents: 69%
    Baby boomers: 65%
Media Contact:
Betty Riess, Bank of America, 1.415.913.4416
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