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- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
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- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
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- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
8th March 2019
US consumers favour single mobile app for banking and payments
Trend
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.”
