As a new security threat was revealed this morning that illustrated the growing security vulnerability with cell phones, a new Bank of America survey found we are using our phones for banking more than ever – and the phone for many was becoming an indispensable part of life.
Millennials believe cell phone is more important than deodorant
Almost a majority of US adults -- or 47% -- said they wouldn't last a full 24 hours without their smartphone, a survey by Bank of America found. The study also found that that most Millennials believe mobile phones more important than deodorant and a toothbrush and that if the cell phone was forgotten, three in ten people would go back home to retrieve their smart phone regardless of the distance. Twenty-eight percent said they would go back if it took 10 minutes or less, according to the survey by the Center for the Digital Future at the University of Southern California-Annenberg and Bovitz Inc.
Mobile banking increasing rapidly
In regards to mobile banking, the report noted that increasingly customer are using their mobile banking applications to perform more sophisticated transactions despite security concerns. Almost half of the survey respondents preferred mobile or online banking to in person banking at a branch. Despite this, mobile and online banking users visits to a bank branch remain high, with 84 percent of tech savvy users visiting a bank branch in the last six months – a statistic that is consistent among various age groups including millennials.
The report said that nearly six in ten have used the mobile check deposit, one of the fastest growing usages of the cell phone in banking.
Things that people do on cell phones that are annoying
The report found that checking a cell phone while driving was considered the most annoying offense, which was quickly followed by talking to loudly on the cell in public and sharing too many personal details on social media. A much smaller percentage found checking a cell phone during meals annoying.
If they had to give up guilty pleasures such as alcohol or chocolate, nearly four out of five people would happily do so if it meant regaining access to their mobile phone.