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Immobilized: Nearly half of US consumers couldn't go a day without their smartphone

More important than a toothbrush? A new US Bank study drives home just how indispensable U.S. consumers consider their mobile devices — including for mobile banking.

July 1, 2014

Perhaps should be confiscating mobile phones from drunk drivers instead of driver's licenses. A new report from Bank of America has found that nearly half (47 percent) of mobile owners would give up alcohol to regain access to their phone.

The inaugural "Bank of America Trends in Consumer Mobility Report" drives home just how indispensable U.S. consumers consider their mobile devices — including for mobile banking.

Nearly half (47 percent) of respondents said they wouldn’t last a day without their smartphone, and many consider their devices more important than coffee and television, the study found.

Ninety-one percent said their mobile phone is just as important as their car (91 percent) and deodorant (91 percent); and significantly more important than television (76 percent) and coffee (60 percent). Alarmingly, the youngest millennials (ages 18-24) said their mobile phone was more important than deodorant (90 percent) and their toothbrush (93 percent).

As mobile banking grows, branch visits remain steady

Of those who use their phones for banking, almost one-third (31 percent) say they log on at least once a day; a great majority (82 percent) log on at least once a week or more.

The report revealed that almost two-thirds (62 percent) of consumers have at least tried mobile banking, most commonly to monitor account balances and statements, transfer funds, pay bills, and deposit checks via RDC.

Nevertheless, visits to bank branches also remain high: Within the past six months 84 percent of respondents have visited a branch. At 83 percent, millennials (ages 18–34) are nearly as likely as those ages 35 and older (85 percent) to have done so.

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.

Other findings:

• consumers are just as concerned about losing their personal contacts as they are about the theft of their identity or security information (both 79 percent), should their phone be lost or stolen.
• 60 percent of consumers would be comfortable migrating to finger scan security within the next two years to gain access to their mobile banking app. About one-third would be fine with retina scans (32 percent) and voice recognition (33 percent).

The "Bank of America Trends in Consumer Mobility Report" explores mobile trends and banking behaviors among U.S. adults who have both a smartphone and a banking relationship. The entire report is available for download. An additional infographic offers a snapshot of report findings.

graphic: US Bank