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Mobile Banking Customers Have More Financial Confidence, Citi Says

Grace NotobyGrace Noto
April 26, 2018
in Payments
Reading Time: 1 min read
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Consumers who have made the switch to mobile banking are likely to be more confident in their financial decisions, and feel they have “a greater awareness” of their financial situation, according to a study conducted by Citibank, released today.

The bank’s 2018 Mobile Banking Study found that 62% of mobile users agreed that the method brought them a greater understanding of where they stood financially, while 41% reported that they had fewer concerns over managing their finances.

Additionally, it seems like mobile banking users have more trust in their banks, with 82% of these users stating that they believed banks could “improve their financial wellness,” compared to only 62% of non-mobile banking users, the study of 2,000 participants found.

As well as an increase in trust and financial confidence, consumers are beginning to use their mobile banking apps more and more often — 81% of participants, or eight out of ten customers, are using their mobile app nine days per month, the study found, while 31% use the app ten times or more per month.

Mobile banking apps are also becoming a more popular category of app, according to Citi, which noted that consumers use them only slightly less often than social media apps: 31% of consumers use their mobile banking app the most, compared to 55% of those who use social apps the most (as well as 33% of those who use their weather app most often). Citi has 10 million customers using mobile banking in North America.

Take a look at the full study here.

Tags: CitibankDataBankfinancial wellnessmobile bankingonline bankingPremium
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