Giving your customers the ability to instantly check balances, desposit checks, pay bills, and transfer money, has a significant, positive effect on their financial health. A Citi Mobile Banking Study3 in 2017 reported that 65% of mobile banking users were confident they knew the balance of their accounts, versus 53% of non-mobile banking users. The study also found 42% of mobile banking users worry less about finances, 37% know more about bank services, and 35% are more confident in their financial decisions. Most importantly, 80% of users with ‘high functioning apps’ (those with 5 or more features) are likely to stay with their bank over the next 12 months, compared to 70% of those with low-functioning apps.
People turn to their smartphones for many different financial interactions. This can include anything from checking their account to trading stocks. Below are the top 3 functions people use in their mobile banking apps, according to Google4.