A new study by fintech firm MX has found that more than 80% of consumers in the US use mobile banking at least once every week.
The new finding is part of the MX 2019 Ultimate Guide to Digital Transformation. The report indicates massive switching to digital mediums by consumers to meet their banking requirements.
MX Study: Details
The report noted that around 90% of consumers interact with their bank more through digital channels than branch visits.
Around 84% of consumers said that they use mobile banking weekly while 26% said that they use the same on a daily basis.
Additionally, more than 25% of consumers in the US were found having at least three banking or financial apps on their phones.
The MX study highlighted that 77% of consumers expect their bank to provide personalised financial advice through a digital device.
However, 4% of the respondents said that they do not trust their financial institution with their data. Majority of the respondents (71%) also expressed frustration over an unclear bank transaction description.
Besides, 94% of the respondents showed eagerness in knowing if their bank can offer better deals compared to existing services.
MX chief marketing officer Don MacDonald said: “The financial industry is going through a massive digital transformation as consumers turn to digital tools and mobile apps to do what was traditionally done within the walls of a bank or credit union.
“Financial institutions that use data to better understand their customers and deliver breakthrough digital experiences will be rewarded with greater customer loyalty, engagement and ultimately higher deposits and greater share of wallet.”
MX is a US-based financial technology company that supports the digital transformation of banks, credit unions and fintechs.
Since its inception in 2010, MX has powered over 2,000 financial institutions.
Earlier this year, the company secured $100m in Series B financing.