As part of its continuous monitoring of market characteristics, Bank of America makes research studies on the consumer psychographics, regularly.
In a recent report, the bank has discovered the following statistics in ‘trends in consumer mobility’:
- 36% of adults in the country use person-2-person (P2P) payment services
- Millennials in the population lead the charge at 65%.
- 45% of those who are not utilising the facility at present, said they plan to switch over to the mode by end of year
The report confirms that with the amazing speed at which technology is sweeping over the Fintech space, the likelihood of consumers switching over to newer and more convenient methods of digitization for their personal banking needs and applications ranks very high.
The digital world has witnessed dynamic changes and upgrades and Bank of America is one institution which embraced the technology early in their transition to the new model of banking.
In the survey, BankAm searched for reasons for adopting the new technology to which 68% respondents said the main attractions were convenience and time savings.
Other feedback received included :
- 48% cited, change as peer pressure.
- 30% due to the new offerings
- 16%, due to ease of banking without cheques and cash
- 69% said, the system pays back others within the same day
- 30% said they could pay others within the same hour
- 53% agreed that the system worked for payments within 24 hours
- 45% of Bank of America customers used the facility for paying shared bills such as utilities, rent, etc.,
- 42% utilised the app for shared expenses from gifts etc.
- 37% for travel expenses
- 35% for dining related expenses
Overall, the survey rated the P2P digital app as a feature that scored high preference across a diverse segment of customers.