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Mobile banking among top 3 most-used apps
A new study from Citi found that 31 percent of consumers said they use their mobile banking app the most, which fell behind two others: social media (55 percent) and weather (33 percent) apps. While almost half of all respondents have increased their mobile banking usage in the past year, 62 percent of millennials have.
In addition to the convenience of using a mobile banking app – 91 percent of mobile bank users prefer using the app over going to a physical branch – survey respondents also indicated higher awareness of their current financial situation, including account balances and services offered by their financial institution. Mobile bank users were 20 percentage points more likely than non-mobile bank users to believe their financial institution could help them improve their financial wellness.
Among millennials, roughly two-thirds who use mobile banking apps believe their smartphone will replace their physical wallet in the future, which supports findings from a recent survey of small businesses that revealed 36 percent had begun using contactless mobile capable point-of-sale systems for debit and credit card transactions.
Citi's 2018 Mobile Banking Study was conducted in February among 2,000 U.S. adults.