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What’s App-ening? Mobile Money Experiences

May 23, 2023|0 min read
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Consumer preferences and market conditions have accelerated the shift to digital the past few years, requiring financial providers to close any remaining experience gaps, especially in their mobile apps. Our recent consumer research revealed that 45% of consumers are using a mobile app to perform a finance-related task at least once per day — and 48% of consumers have 3 or more finance-related mobile apps currently downloaded to their mobile phone.

Moving to mobile for day-to-day money management. Unsurprisingly, mobile app usage varies across generations. When it comes to performing finance-related tasks, Millennials (58%) were most likely to use an app at least once per day — and 85% turn to mobile for finance tasks at least once a week. Gen Z was next with 48% using mobile apps for finance tasks at least once per day followed by 43% of Gen X. Whereas 23% of Baby Boomers report never managing their finances on a mobile app.

More money apps on consumer devices. It makes sense that the generations with higher mobile app usage keep more finance-related apps on their devices than generations using other methods to manage their money. Sixty-three percent of Millennials keep 3 or more finance-related mobile apps on their phones followed by 49% of Gen X. Forty-seven percent of Gen Z respondents keep 1 to 2 finance-related mobile apps on their phones while one-third of Baby Boomers don’t have any finance-related apps on their phone.

Most used types of financial apps. Banking and payments apps took the spots for most-used financial apps with 37% of consumers using banking apps and 32% using payment apps. Crypto took last place for finance-related mobile app usage with 28% of respondents saying they use it least often.

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What other consumer trends do financial service providers need to keep in mind?

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