Banking one of top three most used apps by Americans

Banking one of top three most used apps by Americans

Nearly half of US adults have increased their mobile banking usage in the past year, with almost a third of Americans using their banking app more than any other on their phone, according to a Citi survey.

The poll of 2000 US adults shows that, measured by top two ranked responses, 31% of respondents use their mobile banking app the most, behind only apps for social media (55%) and the weather (33%).

Almost half of those quizzed — and nearly two-thirds of millennials — have increased their mobile banking usage in the last year. More than three quarters are now using mobile banking nine days a month, on average, while nearly a third mobile bank 10 or more times per month.

And the migration to digital is welcomed, with 91% of users preferring their app over going to a physical branch, and 68% of millennials seeing their smartphones replacing their physical wallets.

Mobile banking users are also experiencing convenience-related benefits offered by the technology. On average, respondents estimate that they save 45 minutes a month because of mobile banking, with three quarters logging in from the couch and 47% from bed. In fact, 19% of millennials are even mobile banking while on a date.

The mobile revolution may have spawned a host of fintech entrants eager to help Americans manage their money, but 87% of respondents still trust traditional banks more than non-bank financial institutions when it comes to handling their financial information.

Alice Milligan, chief digital client experience officer, US consumer bank, Citi, says: "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.

"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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