Almost half (47{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b}) of U.S. consumers admit they would not last a day without their smartphone, and many consider their devices more important than daily staples such as coffee and television, according to a new report released by Bank of America. The mega-bank has more than 15 million active mobile banking users who access their accounts on a mobile device over 165 million times per month.
Despite these impressive numbers, visits to branches also remain high: 84{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} of their survey respondents have visited a branch within the past six months. To many people’s surprise, this is true among all the age groups polled, with nearly the same percentage of millennials ages 18-34 (83{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b}) saying they have visited a branch in the past six months as those ages 35 and older (85{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b}).
Key Takeaway: Despite the popularity of online banking and the rapid growth of mobile banking, American adults in all age groups still like the stability of a freestanding branch.