The 2018 Citi Mobile Banking study results are in and the results are clear: competitive lenders need to offer their customers app options.
The survey of 2,000 adults found that 31% of app users use their financial services app more than any other app. That may be any one of your potential customers.
How popular are financial apps compared to others?
This usage result is behind only weather apps (33%) and social media apps (55%).
"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%, and we don't see this trend slowing down any time soon."
This is proof that a digital-first mindset needs to be adopted across the mortgage-lending landscape.
According to the study, almost half (46%) of consumers—including nearly two-thirds of millennials (62%)—have increased their mobile banking usage in the last year.
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.
Here is a wrap of the results lenders need to know about:
- 91% of mobile banking users prefer using their app over going to a physical branch
- 68% of millennials who mobile bank see their smartphones replacing their physical wallets
- Respondents estimate that they save 45 minutes a month because of mobile banking (equivalent to nine hours a year), logging in while at home on the couch (75%), in bed (47%) or at work at their desk (36%).
- 19% of Millennials are even mobile banking while on a date.