Mobile banking apps among most used by Americans – study

Security protocols that help keep information private are important for consumers

Mobile banking apps among most used by Americans – study

The use of mobile banking applications has been increasing among Americans and is now among those most widely used, according to the 2018 Mobile Banking Study released by Citi.

Thirty-one percent of consumers use mobile banking apps the most. This puts such apps behind only social media apps (55%) and weather apps (33%). Two thousand adults participated in the survey.

Almost half (46%) of consumers have increased their mobile banking usage in the last year. This share includes almost two-thirds (62%) of millennials. Additionally, the survey revealed that 81% of consumers are now using mobile banking nine days a month, on average, while nearly a third (31%) mobile bank 10 or more times per month.

Citi found that 87% of American trust traditional banks more than non-bank financial institutions when it comes to handling their financial information. This high degree of trust is driven by security offerings, which shows the importance among consumers of rigorous security protocols to help keep their information private.

Citi's study revealed that, 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%).

"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 for US consumer bank at Citi. "Over the past year, we've witnessed this increase in engagement first-hand, with mobile usage in North America increasing by almost 25%, and we don't see this trend slowing down any time soon."

 

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