Citi’s 2018 Mobile Banking Study has found that 31% of consumers use their mobile banking app the most, behind only apps for social media and weather.
“Mobile banking usage is skyrocketing as more consumers experience the benefits of greater convenience, speed and financial insights driven by new app features and upgrades,” said Alice Milligan, Chief Digital Client Experience Officer, U.S. Consumer Bank, Citi. “Over the past year we’ve witnessed this increase in engagement first-hand, with mobile usage in North America increasing by almost 25 percent, and we don’t see this trend slowing down any time soon.”
Consumers choose mobile banking apps over physical branches
According to the study, mobile banking usage has increased by 46% in 2017. Eight out of 10 consumers (81%) are now using mobile banking nine days a month, on average, while nearly a third (31%) mobile bank 10 or more times per month.
The rise in mobile banking technology has shifted consumer preferences towards banking apps. The research shows that 91%percent of mobile banking users prefer using their app over going to a physical branch, and 68% of millennials who mobile bank see their smartphones replacing their physical wallets.
High levels of trust in traditional banks
When it comes to trust, 87% of consumers will choose a traditional bank over a non-bank financial institution. This high degree of trust in banks is largely driven by security offerings. According to Citi’s Mobile Banking Study, when it relates to personal information on their phones, 45% of consumers would feel most uncomfortable about others seeing their banking information, far ahead of their photos (24%) and texts (21%), illustrating the importance of rigorous security protocols to help keep this information private.
Mobile banking brings customers closer to their banks
By offering consumers a better overview of their finances, mobile apps have contributed to an increase in financial confidence. Nine out of ten (91%) of users say that they have a greater awareness of their financial situation and fewer concerns about managing their finances. Also, 38% of users have gained a better understanding of the services offered by their bank.