Advanced mobile technologies are the future – and that future is now, according to a new study from Citigroup. “Today’s consumers are banking every day and everywhere on their mobile devices – at work, at home and even when socializing with friends,” the study found.
The average consumer engages in mobile banking, on average, seven days per month, and for millennials, the frequency is more than 10 days per month. Also, 88 percent of consumers “mobile bank” at home – on the couch, in bed, and in the bathroom. Meanwhile, 44 percent do so at work. And 31 percent of millennials engage in mobile banking when they socialize.
Americans who mobile bank at least once a week are more tuned in to their financial situation (71 percent) than those who mobile bank less than once a week (49 percent). Mobile banking users are very confident (65 percent) they know the exact balance of their bank account, compared to just 53 percent of non-mobile bank users.
Almost all (98 percent) of mobile banking customers have their bank’s mobile app. Mobile banking users with high-functioning apps (those that have at least five features) are more likely to believe they’ll stick with their bank over the next year (80 percent) than those with low-functioning apps (70 percent).
“At Citi, we’ve long recognized that Americans’ banking patterns are evolving and preferences for innovative solutions are heightening at a rapid pace,” said Alice Milligan, chief customer and digital experience officer, Citi Global Cards. “Accessibility is no longer just a value-add to our customers, it’s a must.”
She added: “In today’s world, customer experience and digital experience are synonymous. Institutions that do not invest in cutting-edge technology to improve their mobile capabilities will lag those who prioritize the features and enhancements that customers say are essential to their banking experience.”