We are all aware of the popularity of social media apps, but when it comes to the top three, banking apps come in third place after social media and weather apps. A staggering 63% of smartphone users have one or more financial apps downloaded on their mobile devices. What’s more, 70% of those who have financial apps on their smartphones check them at least once per week.
Millennials are the dominating demographic in terms of financial app usage. Even so, the baby boomer generation and gen X are moving to mobile banking apps as well, with more than half of the baby boomer generation using mobile check deposit, and 23% of seniors engaging with smartphones or tablets for banking purposes. The estimated 36% decrease in bank branch visits from 2017 to 2022 is causing banks to rethink the user experience and customer service as the new strategy for the paradigm shift.