蘑菇AV

By the numbers: Respondents were generally satisfied with their financial institutions (FIs), but many feel the way banks interact with customers needs improvement. 89% of respondents were satisfied with their primary bank鈥檚 ease of service and mobile banking solutions. 41% of baby boomers and Gen Xers, 48% of millennials, and 56% of Gen Zers interact with their bank鈥檚 mobile app or website daily.

Fintechs, banks, and the government will reshuffle the payments deck in 2024. New features and competition will redefine the digital wallet user experience, and FedNow will pivot payment flows in new directions.

UK mobile P2P payments usage growth has a case of the doldrums鈥攂ut bank and digital wallet providers can explore several options to give it a boost.

These digital-first consumers will overwhelmingly opt for mobile: The number of Gen Z mobile banking users will rise by roughly 4.5 million each year through 2027. And they won鈥檛 be going for digital-only banks: Nearly 94% of Gen Z mobile banking users cited a traditional bank as their primary bank in our September 2022 US Mobile Banking Emerging Features Benchmark survey.

In a first, 62.1% of adults in the US will use mobile banking, surpassing the 61.5% who will use in-branch banking, per our forecast. This is a marked shift from 10 years ago, when 78.8% of adults used bank branches and 18.6% used mobile.

In this podcast episode, host Rob Rubin, alongside our analysts Lauren Ashcraft and Maria Elm, unveil the findings of 蘑菇AV鈥檚 latest mobile banking app benchmark report. They delve into the frontier of banking technology, spotlighting the breakthrough features that are shaping the industry this year. The discussion pinpoints the five key features that consumers consider indispensable and unpacks the potential game changers that may take center stage in the future of mobile banking. The episode also introduces a new segment titled "Who Ranked Best," where the team provides a detailed ranking of the top 10 banks, with an in-depth analysis of what sets the top five apart. This engaging conversation is packed with vital information for both consumers and industry professionals looking to stay ahead in the dynamic world of mobile banking. Tune in to explore: - The cutting-edge features that are redefining user experience in mobile banking apps - Consumer favorites: The top five features you should look for in your mobile banking app - The future of mobile banking: Innovations that are on the horizon - Exclusive rankings: Find out which banks are leading the mobile banking sector in "Who Ranked Best" - Expert commentary from Rob Rubin, Maria Elm, and Lauren Ashcraft, providing in-depth analysis of the report's results.

Users don鈥檛 have the bandwidth to try to figure out a mobile banking app鈥攑articularly if a competitor鈥檚 advertising user-friendly options.

This shift from being merely convenient payment access points will increase wallet user loyalty and boost retail sales, thanks to:.

Apple鈥檚 credit card, BNPL product, and savings account put it in direct competition with financial services incumbents. With 130.1 million US iOS users loyal to its unsurpassed UX and dominant digital platform, the threat will only grow.

Just a third of adults in Canada will use mobile peer-to-peer (P2P) payments this year, and adoption will barely grow through 2027. Mobile banking apps and digital wallets must rethink their strategies to capture P2P users鈥攎aking the most of a population that doesn鈥檛 yet have strong P2P brand loyalty.

KEY STAT: Gen Zers will surpass all generations, bar millennials, by number of mobile banking users in 2025, per our forecast, making them a key target segment as banks hunt for new customers. Banks face an intensifying battle for deposits and squeezed margins in H2 2023. The US banking industry鈥檚 Q1 profit bonanza is behind us.

Gen Z is reshaping the demographics of mobile banking users. The number of Gen Z mobile banking users will reach 42.9 million in 2025, overtaking Gen X. The number of millennial mobile banking users will peak that year. Gen Z puts billions of dollars in play.