3 in 4 Smartphone Owners Use A “Retro” Device

August 28, 2017

This article is included in these additional categories:

Digital | Financial Services | Industries | Media & Entertainment | Mobile Phone

Smartphones haven’t killed off all devices – at least yet. Despite the current widespread use of smartphones, 3 in 4 adults (76%) are still using one or more “retro” devices, such as CDs (49%), calculators (40%) and landlines (36%), according to Bank of America’s latest Trends in Consumer Mobility Report [pdf].

Still, these devices and items have receded in the face of smartphones. For example, cell-only households are now the majority, as landline owners continue to recede.

Apps are taking their place: previous research has shown strong consumer interest in mobile apps that offer functionalities that previously required the purchase of a different electronic device, such as a camera or GPS.

Mobile Banking on the Rise

One application that consumers are turning to in greater numbers is the mobile banking app, which has been steadily rising in usage for the last three years, according to the Bank of America report. Among the 1,000 respondents – all of whom have a current banking relationship and own a smartphone – 62% now use a mobile banking app, up from 54% last year and 48% in 2015.

Users are also regularly engaged with their banking apps, with 83% checking their app at least once a week and 29% logging in at least once a day.

Around-the-clock convenience (55%) and mobile check deposit (44%) were the top reasons cited for downloading the bank’s mobile app. Users of the app also like that it helps reduce trips to the branch (29%) and allows them to pay bills (28%).

Mobile banking users are also turning to them to help with large purchases and savings goals, such as planning vacations (44%), saving for college (29%), buying a car (29%), planning for retirement (28%) and/or buying a house (24%).

About the Data: The report is based on an online survey which was conducted by Convergys on behalf of Bank of America from May 25 to June 3, 2017 of 1,000 adult respondents throughout the U.S., with a current banking relationship and who own a smartphone.

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