Greater than half of Americans have used a mobile device to check and/or manage their bank account at least once per month. What’s more, more than one-third check their bank account via mobile devices more than three times per month.
That’s according to a new survey conducted by the American Bankers Association (ABA). The study, which polled 1,000 U.S. adults, also found close to three-quarters of mobile banking users are highly satisfied with the bank app they use, rating it excellent or very good.
"Consumers are increasingly turning to their smartphones and tablets to manage their everyday finances, and banks have responded by expanding their mobile capabilities," said Nessa Feddis, ABA SVP and deputy chief counsel for consumer protection and payments, in a statement. "Bank innovation has made it more convenient and safer than ever to do things like check your balance, deposit a check or make payments."
According to the survey, 58 percent of survey respondents said they used a mobile device to access and manage their bank accounts once a month. That declined to 37 percent for people who used it more than three times. The survey found 21 percent use it one to three times a month, while 30 percent said they never use a mobile device to check their bank account. As for how they would rate their bank’s app, 33 percent said excellent, 39 percent said very good, 22 percent said good, 5 percent rated it fair and only 1 percent called their banking app poor.
"The quality of a bank's mobile app is a key differentiator when it comes to attracting and retaining customers," Feddis added. "A large majority of bank apps are grading well, but there's always room for growth, and we expect to see even more improvements in design and functionality as banks increase investment in this space."