60% of People Now Prefer Banking on Mobile Apps — 7 Reasons They Love It – GOBankingRates
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The majority of Americans no longer do their banking in person. A new GOBankingRates survey found that 59% of Americans prefer to bank via a mobile app, compared to 22% who prefer to bank online via a browser and 19% who prefer to bank at a branch or ATM.
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This preference is held across gender and across most age groups. The majority of Americans ages 18 to 54 prefer to bank on mobile, while the majority of those ages 55 to 64 prefer to bank in person and the majority of those ages 65 and older prefer to bank online.
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So, why do so many people prefer to bank on their phones? Here are some of the reasons Americans love their banking mobile apps.
Easy Access Anytime and Anywhere
When you bank from your phone, you can do it at any time that’s convenient for you.
“Bank branches aren’t known for their accommodating hours so if you work full-time, you might find it difficult to find a time you can visit a bank while it’s open,” said Cynthia Kleinbaum, chief customer officer at MoneyLion, a mobile banking and finance app. “With mobile banking, you have all of the banking tools you need right at your fingertips, all in one destination. Customers can transfer funds, apply for a loan, get a cash advance or invest money any time of the day or night.”
Personalization
Many banking apps personalize the content you see to meet your preferences and needs.
“Consumers benefit when their financial partner understands their relationship with money and can provide access and advice at the right time and place, and with the appropriate solution,” Kleinbaum said. “With a deeper knowledge of a customer’s financial situation, mobile-first banks are able to customize both the experience and the product offering.”
Easy-To-Use Tools
In addition to providing 24/7 access to your accounts, many mobile banking apps offer additional tools to make managing your money easier.
“Many mobile-first banks offer features such as budgeting tools, financial advice and automatic savings plans that traditional banks do not have,” Kleinbaum said.
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Speed
Banking via your mobile app can be a big time-saver.
“Transactions done via a mobile app are generally faster than those done in person or online, as the process is streamlined and can be done with just …….
