Mobile Phone Banking Users

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Customers who shifted their banking channel usage from branches to mobile apps during the coronavirus pandemic are likely to maintain their habits, per S&P Global Market Intelligence’s 2021 US Mobile Banking Survey.

Close to 52% of overall respondents said that they have reduced branch visits since the pandemic’s onset. 
More than 65% of them reported that they were using mobile banking apps more often.
And almost 88% of respondents who increased their mobile app usage also expect to either maintain or increase their frequency of app use going forward. 

Younger generations were more likely to have changed their banking habits. S&P Global Market Intelligence found that more than 50% of Gen Zers, mIllennials, and Gen Xers are using mobile apps more frequently, compared with a little over 40% for baby boomers and Seniors. Additionally, more than half of the two oldest generations said that they didn’t make changes to their mobile app usage.

Growing mobile usage is coupled with the potential for customers to open accounts with neobanks. Even as the mobile channel shift was common, just 8% of respondents said that they currently have an account with a branchless bank—but almost 44% indicated that they were likely to open one in the future.

The difference between current and future account activity indicates that neobanks have a sizable addressable market moving forward, …read more

Source:: Businessinsider – Finance


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