NEW YORK—Of all the mobile apps used by Americans, mobile banking is near the very top of the usage list, according to a new study.
A report from Citi that surveyed 2,000 adults found that 31% of consumers use their mobile banking app the most, behind only apps for social media (55%) and the weather (33%).
"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," said Alice Milligan, chief digital client experience officer, U.S. Consumer Bank, Citi, in a statement. "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."
According to the study, almost half (46%) of consumers—including nearly two-thirds of Millennials (62%)—have increased their mobile banking usage in the last year. Eight out of 10 consumers (81%) are now using mobile banking nine days a month, on average, while nearly a third (31%) mobile bank 10 or more times per month.
As consumers increasingly adopt the technology, they are rethinking more traditional banking tools, so much so that 91% of mobile banking users prefer using their app over going to a physical branch, and 68% of Millennials who mobile bank see their smartphones replacing their physical wallets, Citi stated.
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 (equivalent to nine hours a year), logging in while at home on the couch (75%), in bed (47%) or at work at their desk (36%). In fact, 19% of Millennials are even mobile banking while on a date, the bank said.