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8th March 2019

US consumers favour single mobile app for banking and payments
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Entersekt has released a few initial findings from its survey conducted online by The Harris Poll this year. The company commissioned the independent market research firm to better understand US consumer attitudes towards mobile app-based banking and payments. Over 1,900 US adults, who own mobile devices, were polled.

Mobile banking apps have become one of the most popular self-service channels in banking. Usage figures are available from a number of sources, but Entersekt’s screening questions nevertheless yielded interesting results. Its findings show that 59 per cent mobile device owners report using their banking app at least once a week.

Apps for mobile payments are less widely used than banking apps, with only 33 per cent of mobile device owners using them on a weekly basis. It seems that most Americans are familiar with payment apps, but that they have yet to become a feature of daily life to the extent that banking apps have. While 71 per cent of mobile device owners have used mobile payment apps, only 7 per cent use payment apps daily compared with 20 per cent who use banking apps daily.

Perhaps most telling were the findings that 68 per cent of mobile device owners say they have more than one app for banking and payments, with 37 per cent having three or more. Juggling so many apps, a majority of regular banking app users (those using banking apps once a month or more) found the idea of an all-in-one banking and payment app attractive.

The poll found that 68 per cent of regular banking app users would “like to do all banking and payments via one single mobile app” and 67 per cent claim they would be less likely to use cash or physical credit cards if they had such an app. The lure of an all-in-one combination app is stronger among younger adults (18 to 44 years) who regularly used banking apps: 76 per cent want one, compared with only 50 per cent of those aged 55 and over.

Commenting, Gerhard Oosthuizen, chief technology officer at Entersekt, said: “Banking apps are the perfect launch pad for new payment capabilities. Demand for specialised payment apps isn’t going away, especially for retail brands with superior loyalty programmes, better-directed promotions, and on-the-go experiences like low-friction peer-to-peer payments, self-checkout, and in-app ordering. Still, most people use very few of those apps regularly, while banking apps are a leading category, both in downloads and active users.”