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Why Banking Apps Need to Be More Than Just Banking Apps
Consumers are using mobile banking apps like never before. The pandemic served as a catalyst for mobile adoption, as the portion of consumers reporting that they most often used mobile banking apps to bank rose from 33% pre-pandemic to 44% since it began. Importantly, this change is not temporary and instead is expected to persist even when the pandemic ends.
- Seventy percent of consumers view their increased use of digital banking channels as permanent, according to a Citizens Bank survey.
- The same survey found that nine in 10 consumers said they now do at least some of their banking via digital tools such as mobile and online banking
This edition of the “Digital-First Banking Tracker®” examines the recent trends in consumers’ usage of mobile banking apps, including the growing interest in banking apps that do more than just simple banking tasks.