As mobile banking becomes more widely adopted by users of all ages, the technology comes with its own drawbacks, with nearly half of mobile banking customers saying their money-related apps and financial accounts regularly lose connectivity.

U.S. customers at the younger end of the age spectrum are running into problems with mobile platforms, according to a study of 1,000 Americans by open banking fintech MX released today.

Yet expectations for mobile banking experiences are high, especially from younger customers looking to carry out everyday tasks through their banking app of choice, and bank customers are increasingly using mobile apps. According to the MX study:

• 91% check their account balances;
• 62% transfer money across accounts;
• 54% deposit checks;
• 46% transfer money to others; and
• 38% schedule bill payments.

Seventy-eight percent of customers in the Gen Z age range of 16-25 and 84% in the millennial age range of 26-41 were the most likely to have connected financial apps, but problems are still occurring regularly, per MX’s findings. Twenty-seven percent of respondents said their connection broke down in the past, and 45% say their money-related apps and financial accounts become regularly disconnected.

Additionally, 8%, or nearly 1 in 10, respondents said that connecting an app to a financial account did not go smoothly the first time it was attempted, frustrating those transferring funds on a regular basis or using an app to automate bill payments, MX said in the study.

Lack of bank investment in secure data sharing is to blame, David Whitcomb, vice president of product at MX, told Bank Automation News.

“A reason connecting apps to financial accounts has been so difficult for people is that financial institutions haven’t made the same investment in securing customer data sharing as they have in securing customer’s use of money,” said Whitcomb. “The result is that it’s not always simple and easy for consumers to connect their accounts to third-party applications securely.”

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