How should financial companies manage the demand for digital experiences?įor mobile banking to continue to grow, particularly among older audiences for whom adoption is slower, companies must improve their privacy and security as well as functionality. Mobile banking is convenient, flexible and adds the ease of use tech-obsessed Americans demand.Īs the move to a more digitally integrated world continues, financial service companies can assume these preferences will strengthen for generations that follow-who like Gen Z, are complete digital natives. Across generations, 49.2 percent of mobile phone users in the US (115.6M) used mobile banking at least once a month in 2018 up 6.6 percent from 2017. More importantly, some 50 million millennials use mobile banking and, as a whole, rarely use cash. A Morning Consult report showed that 81 percent of banking customers check their balance on their mobile devices, while 63 percent pay bills, and almost half deposit checks. The financial services industry has been hit particularly hard by this trend as the last decade has seen a complete paradigm shift in the way people manage their finances. Millennials have grown into adulthood almost entirely within the mobile era and expect (and in many cases prefer) to manage their lives digitally.

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