The Citi’s 2018 Mobile Banking Study has found that mobile banking apps have become one of the most used apps by the people in the US.
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%).
Citi US Consumer Bank chief digital client experience officer Alice Milligan said: “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 percent, and we don’t see this trend slowing down any time soon.”
The study found that 62% of the millennials have increased their mobile banking usage last year, while on average 81% consumers use mobile banking nine days a month and 31% ten or more times in a month.
About 91% of the consumers said they prefer using online banking rather than going to a brick and mortar branch.
The respondents stated that on average they save nearly 45 minutes time per month by using mobile banking.
However, the study also stated that nearly 87% of the Americans trust traditional banking services over non-bank financial institutions, mostly due to security of funds.
Milligan added: “At Citi, we launched over 1,000 digital features in the US in 2017, a nearly 500 percent increase over the previous year, and we continue to reimagine the client experience through innovative capabilities that deliver ease and simplicity for our cardmembers.”