Reasons for using mobile banking apps in the U.S. 2018
Who uses mobile banking?
Perhaps unsurprisingly, the propensity to use mobile banking is higher for the younger generations. The first iPhone debuted in 2007, the year that the youngest millennials turned eleven, giving them an advantage in navigating apps. Age also affects how frequently users check their apps, though this change is not as significant when one excludes those who do not use mobile banking apps.
Advantages and risks
The benefits of mobile banking that consumers report tend to be summed up in convenience. Always having easy access to banking information increases financial awareness and confidence, and apps can better convey the range of offered banking services. However, this ease of access also leads to ease of fraud. Security experts worry that the technology that enables bank customers to easily access their accounts also increases their exposure to identity theft. Banks must find a way to deal with such threats, because the volume of mobile banking continues to increase.