"Pro 7:1-3 My son, keep my words, and lay up my commandments with thee. Keep my commandments, and live; and my law as the apple of thine eye.Bind them upon thy fingers, write them upon the table of thine heart."
Now I don't do denominations so I am not up on what the popularized current teaching is concerning this, but when I was taught a big deal was made of committing Scripture to memory IE: writing them upon the table of the heart.
Rom 10:17 tells us that faith comes from the hearing of the Word, and the more Bible you know the more faith the Holy Spirit has the opportunity to work with by bringing it back into your remembrance when you need it - the living Word.
"But the Comforter, which is the Holy Ghost, whom the Father will send in my name, he shall teach you all things, and bring all things to your remembrance, whatsoever I have said unto you. "- John 14:6
Things is you have to know it first for it to be brought back.
"Wash you, make you clean; put away the evil of your doings from before mine eyes; cease to do evil;"- Isa 1:16 Washed with the water of the Word.
The recall doesn't happen by accident,it is the Holy Spirit bringing them back to the front of my memory.
Before a Bible was smuggled into jail where I was a guest for preaching the Gospel, the only comfort of the Word I and another brother had was our ability to recall Bible verses and chapters each had memorized.
I have not done much memory work for awhile and yet with a semi decent on line concordance I get the chapter and verse of the text I already have stored up easily at hand.
"Forasmuch as ye are manifestly declared to be the epistle of Christ ministered by us, written not with ink, but with the Spirit of the living God; not in tables of stone, but in fleshy tables of the heart." - 2 Corinthians 3:3
The only Bible many people will ever see, as my teacher would say, is the one bound in shoe leather, you and me. Jesus is the Word made flesh, and we are to put on the mind of Christ. 1Cor 2:16