A new Bank of America (BofA) report which looked into consumer mobility trends revealed 46% of Generation Z use their social media handles like a phone number. The report suggests phone numbers are on the verge of extinction.
With mobile technology now an integral part of the way we work and live, the latest Bank of America Trends in Consumer Mobility Report highlights just how mobile-first our mindset has become.
Nikki Katz, Head of Digital Strategy and Emerging Experiences as Bank of America, put it best in the report. Katz says, “As Americans, we rarely realize how ‘app-tive’ we are. Our mobile has become an extension of ourselves and so ingrained in our daily lives to the point where it’s fading into the background.”
If you are a small business owner, knowing how your customers communicate is essential in order to reach them more effectively. This is especially important in today’s digital ecosystem with multiple channels and platforms.
In order to find the latest trends in consumer mobility, Convergys Analytics (an independent market research company) carried out the survey on behalf of Bank of America from May 2-8, 2018.
The survey was made up of 1,001 adults 18 years of age and older who currently have a banking relationship with BofA and own a smartphone.
2018 Consumer Mobility Trends: Key Takeaways
Is there a distinction between the digital and physical worlds? For 42% of the respondents communicating virtually is just as or more meaningful than communicating in person.
When the data was broken down into generations, this was true for 55% of millennials, 44% Gen Z, 38% Gen X, and 24% baby boomers.
When Americans are communicating, they take many different factors into consideration before they make a phone call, send a text, or talk in person. This is based on the importance of the conversation (47%), relationship status (38%), and urgency of the conversation (36%).
Beyond communications, mobile devices are also a key component in how Americans manage their lives today. And increasingly they are turning to apps to make this happen.
For Gen Zers, the survey found out they access their apps more than 50 times a day. This includes everything from navigation to entertainment, retail, music, payment, and other apps.
The impact of mobile technology on the way we communicate in our personal and work lives is undeniable. However, mobile finance will be the next big user development in mobile technology as more people go cashless.
As a matter-of-fact, most Americans or 58% said an entirely cashless society will take place within their lifetime. Others said it will take place in 20 or five years, with 11% stating it will happen next year.
While the timetable can be debated, there is no question most people see cash as something which will not be around in the future, at least not in the way it is today.
This is driving more Americans to mobile banking apps, with 78% Gen Zers, 77% millennials, 67% Gen X, and 59 baby boomers saying they use them.
How do Americans see the Future of Technology?
In the upcoming decade, 60% of the respondents said it will be more difficult to disconnect entirely from technology. Another 35% stated all information will be accessed via biometrics, and 30% believe all payments will be digital.
Overall consumers predict emerging technologies will play an even bigger role in their lives within this time period
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Until the digital payments system stops taking 3% of every transaction I have a hard time believing we’ll go entirely cashless. That 3% is just too large an amount once people wise up to it.
For example, if someone is making $48,000/year and spent all that money it could potentially incur $1,440 of fees/charges. While consumers don’t currently think about that, you can bet that merchants are pricing these fees into their prices, thus passing it along to the end consumer.
Just my opinion, but charging 3% to change a few numbers in a couple databases seems excessive. Kinda like when we used to pay $0.10 for a text that cost essentially nothing to transmit.
It will be. I am sure of it as well. More and more people are leaving cash and paying with their cards more.