The results of Citi’s first Mobile Banking Study released at the Finance Disrupted 2017 Conference on September 28th showed that today’s consumers are embracing banking apps on their mobile devices, using them from home, at work and for socializing. According to the study, consumers use mobile banking seven days out of the month, with 44% mobile banking from work and 88% using from home.
Citi Global Cards’ Chief Customer and Digital Experience Officer, Alice Milligan, talked about the rise of online banking and what Citi is doing to improve the experience, saying that, “Accessibility is no longer just a value-add to our customers, it’s a must. We are constantly improving and advancing our solutions to meet our customers’ mobile banking needs wherever, and whenever, they need them.”
Echoing her words are the report’s findings, with 98% of mobile banking customers actively using the mobile application of their bank. The application’s functionality is directly tied to customer retention as well, with 80% of consumers with a high-functioning banking app stating that they’re more likely to stick with their bank for the next 12 months compared to 70% of consumers using low-function apps.
This widespread use of mobile banking apps leads consumers who use them at least once a week toward a greater awareness of their financial standing compared to those that do not. 65% of mobile banking users show confidence in knowing the exact balance within their bank accounts, versus 53% of non-users able to say the same.
