Money Is Going Mobile: Banking Apps Don’t Discriminate Against Generation

The evolution of mobile banking apps are giving people a portable, efficient, and convenient avenue to take charge of their finances. Some new banks today are introducing a purely online platform, while most traditional banks are offering mobile banking apps to stay competitive in the mobile focused world. With $15.3 trillion in assets being held in U.S. banks, it’s critical for banks to understand how each generation uses mobile banking apps.

In an effort to understand consumers’ use of mobile banking apps, we recently conducted a US-based consumer survey, Money Is Going Mobile.

The report dives into the expanding world of mobile banking apps and is chock-full of stats you won’t find anywhere else. You’ll learn who uses mobile banking apps, how often, and what it means for banks. To wrap everything up, we take a look at the current and future state of banking app features, and offer tips for banks on how to provide the best mobile app experience.

Best of all? The report is free for anyone to download.

To give you a taste of the findings included in the report, here’s a quick preview of what you’ll learn:

Minmial Differences in Use Across Generations

There is only a 4% difference between how many Millennials use mobile banking apps, and how many Baby Boomers use mobile banking apps. (Baby Boomers aren’t so slow to adopt, after all!) Meanwhile, Generation X leads the pack, with 67% reporting they use their primary bank’s mobile app.

The lack of significant difference between generations show banks should ignore generational stereotypes surrounding technology adoption to target new customers, and further engage their current customers.

Prioritize In-app Features Based On Customer Needs

Based on our survey, customers expect to have the ability to check balances, see charges, transfer money, view statements, and pay bills as features on their mobile banking apps. Banks should identify immediate needs, and properly prioritize the product road map according to their specific customers needs.

Banks should also identify what features their customers consider “nice-to-have” in their mobile banking apps. This list of features will provide a glimpse into the future of what customers will come to expect. To stay ahead of the competition, incorporate those “nice-to-have” into the product roadmap.

Want to learn more? Of course you do! Grab your free copy of the complete survey and boost your mobile banking app knowledge now.