Veloxity Report: Over 50% of cell phone owners use mobile banking apps

Veloxity has gathered data and found that more than half of cell phone owners today in the U.S. use mobile banking apps. Mobile banking apps are very convenient as you can perform also everything you can do at a bank at the tip of your fingers. The data is powerful. More than half (55%) of […]

Veloxity has gathered data and found that more than half of cell phone owners today in the U.S. use mobile banking apps. Mobile banking apps are very convenient as you can perform also everything you can do at a bank at the tip of your fingers.

The data is powerful. More than half (55%) of U.S. cell phone owners made a mobile banking transaction using an app in 2015, according to a new online survey of 1,017 U.S. adults conducted Jan. 4-6 by wireless carrier Verizon Communications Inc. and Research firm KRC Research.

The 55% is not just kids!

The study found that 67% of Millennials (consumers ages 18-34), 62% of Generation X (ages 35-49), and 43% of Baby Boomers (ages 50-68) made a bank transaction using a smartphone app in 2015.

Fact: U.S. consumers booking car rides, flights and making purchases via cell phone app increase year over year in 2015.

Mobile banking app adoption continued to grow in 2015, as 23% of U.S. smartphone owners made a mobile bank transaction in app for the first time in 2015, a 70% year-over-year increase from 13.53% in 2014, according to the study.

Products are also being purchased using cell phone apps.

56% of U.S. cellphone owners purchased a product using an app in 2015, and 23% of cellphone owners made a purchase with an app for the first time last year. Broken down by generation: 70% of Millennials made a purchase using an app in 2015, 66% of Generation X and 39% of Baby Boomers.

The survey also revealed:

• Ordering a taxi or car ride in an app in 2015 increased 120% year over year, as 22% used an app to book a ride in 2015, compared to 10% in 2014.
• 26% of U.S. adult smartphone owners used an app to book a restaurant, with 11% of them reserving a table in app for the first time in 2015, a 72% year-over-year increase from 6.4% in 2014.
• 22% of smartphone owners used an app to purchase an airline flight, with 8% doing it for the first time in 2015, a 54% year-over-year increase from 5.19% in 2014.

Purchased a product using a smartphone app in 2015 (56% total)

• 70% of Millennials
• 66% of Gen X
• 39% of Baby Boomers

In addition, 55% of smartphone owners made a mobile banking transaction using an app. The growing adoption of banking apps last year is confirmed in the survey, with 23% of U.S. smartphone owners making a mobile bank transaction for the first time last year; a 70% increase over the previous year.

Made a bank transaction using a smartphone app in 2015 (55% total)

• 67% of Millennials
• 62% of Gen X
• 43% of Baby Boomers

The fastest growing category in the survey was ordering a taxi or car ride, which increased 124% from the prior year. Overall, 22% of adults surveyed used an app to book a ride during 2015, compared to 10% in 2014.

Ordered a taxi or car ride using a smartphone app in 2015 (total 22%)

• 36% of Millennials
• 23% of Gen X
• 8% of Baby Boomers

The survey also found that, among adult smartphone users in the U.S.:

• 26% used an app to book a restaurant, with 11% of them reserving a table with an app for the first time last year (72% increase).
• 22% used an app to purchase an airline flight; with 8% making their maiden booking last year (54% increase).

With so many cell phone owners using apps for mobile banking and product purchases, retailers are looking for innovative ways attract consumers. Companies like Veloxity offer a suite of cell phone charging solutions to help brick and mortar places attract and delight customers.