New York Today's consumers are banking every day and everywhere on their mobile devices—at work, at home and even when socializing with friends—according to Citi's inaugural Mobile Banking study, released today. The new study findings were revealed at The Economist's 2017 Finance Disrupted Conference, convening more than 200 policymakers, senior business leaders, entrepreneurs and leading thinkers to discuss the future of fintech and its impact on the financial services industry.
"At Citi, we've long recognized that Americans' banking patterns are evolving and preferences for innovative solutions are heightening at a rapid pace," said Alice Milligan, Chief Customer and Digital Experience Officer, Citi Global Cards. "Accessibility is no longer just a value-add to our customers, it's a must. We are constantly improving and advancing our solutions to meet our customers' mobile banking needs wherever, and whenever, they need them."
Mobile Banking All Day, Every Day
According to the study, the average consumer mobile banks an average of seven days per month (more than 10 days per month for Millennials). Eighty-eight percent of consumers are mobile banking at home—on the couch, in bed and in the bathroom—while 44 percent are engaging at work. A staggering 31 percent of Millennials mobile bank when socializing.
Mobile Apps Boosting Financial Awareness
Americans who mobile bank once a week or more are more aware of their financial standing (71 percent) than those who mobile bank less than once a week (49 percent). Mobile banking users are very confident (65 percent) they know the exact balance of their bank account, compared to just 53 percent of non-mobile bank users.
User Experiences Boosting Customer Retention
Almost all (98 percent) of mobile banking customers have their bank's mobile app. Mobile banking users with high-functioning apps (those that have five or more features) are more likely to believe they'll stick with their bank in the next 12 months (80 percent) than those with low-functioning apps (70 percent).
Milligan added: "In today's world, customer experience and digital experience are synonymous. Institutions that do not invest in cutting edge technology to improve their mobile capabilities will lag those who prioritize the features and enhancements that customers say are essential to their banking experience."
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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The Citi Mobile Banking Survey was conducted by Wakefield Research among 2,000 nationally representative U.S. adults ages 18+ and 500 U.S. adults ages 18+ in each of three DMAs: New York City, Los Angeles, and Chicago, between April 12 and 24, 2017, using an email invitation and an online survey. The margin of error was +/-3%.
Jennifer Bombardier, Citi, 718.248.4652, firstname.lastname@example.org