In a recent study conducted by Citi, it was found that mobile banking app usage placed third in mobile app usage just behind social media and weather applications.
“Citi’s 2018 Mobile Banking Study has found that mobile banking app usage has risen considerably to become one of the most used methods to bank. The survey, which included 2,000 adult respondents, found that 31% of consumers use their mobile banking app the most, just behind apps for social media (55%) and weather (33%).”
This comes too many as not a large surprise as according to Mercator Advisory Group over the past 5 years Mobile Banking usage has tripled among us adults from 23% to 64%. If you are interested and seeing more data points focused on mobile banking you can view our recent Truth In Data episode on the subject.
This growth in mobile banking is certainly impressive an interesting note, however, is that for the first time consumer confidence In Mobile Banking has declined. According to Mercator Advisory Group’s report Digital Banking: Improvements Needed to Compete with Fintech by Karen Augustine, consumer confidence peak in 2016 at 45% and today we have declined back to Mobile Banking consumer confidence at 33% which was the same confidence level in 2013. A large reason for this decline revolves around consumer security concerns. More information on this decline can also be seen and a recent Truth In Data episode
Overview by Ryan McEndarfer, Editor-in-chief at PaymentsJournal.com
